Wall Street bonanza boosts profits at JPMorgan and Goldman
News Source : Yahoo Entertainment
News Summary
- JPMorgan posted net income of $14.4 billion, a 12% increase from the third quarter of last year and roughly $1 billion more than what analysts anticipated.
- Revenue from JPMorgan’s investment banking division climbed 17% from a year ago to $2.6 billion, while client trading jumped 25% to $8.94 billion.
- Wells Fargo (WFC) and Citigroup (C) also benefited from a recent frenzy of mergers and IPOs.
- But many bankers are still cautious about the overall environment, noting the many uncertainties that remain.
A Wall Street dealmaking bonanza in the third quarter helped boost profits at JPMorgan Chase (JPM) and Goldman Sachs (GS) as some of the countrys largest banks raked in higher revenues from investmen [+3813 chars]
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