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Jul 13 - JPMorgan Chase Makes $8.3 Billion Profit in One Quarter


 


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 8 months ago '04        #1
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DERRTY CHYBO 13 heat pts13
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Jul 13 - JPMorgan Chase Makes $8.3 Billion Profit in One Quarter
 

 
JPMorgan Chase continues to benefit from a US economy that's still humming along.

\The giant bank reported a profit of $8.3 billion for the second quarter Friday, an increase of 18% from a year ago and not far off from JPMorgan's record quarterly profit of $8.7 billion in the first quarter.

American banks have gotten a boost from this year's tax cuts.

JPMorgan CEO Jamie Dimon said in a statement that "the healthy US consumer" helped drive big gains in its credit card and money management businesses. Deposits grew at a solid clip as well.

Dimon also said that JPMorgan posted record fees in its global investment banking unit in the first half of the year, thanks to a boom in trading revenue, mergers and IPOs.

"We see good global economic growth, particularly in the US, where consumer and business sentiment is high," Dimon said.

Dimon continued to defend Corporate America's use of tax savings to increase dividends and buy back more stock, moves that some have criticized as helping wealthier investors but not average consumers on Main Street.

Dimon told reporters last month that people who bashed buybacks were "basically ignorant."

Related: Tax cut triggers $437 billion explosion of stock buybacks

In a response to a question about those remarks from CNNMoney during a conference call with reporters Friday, Dimon said it was normal for companies to "recycle capital" and put it to better use. He said that eventually will benefit the broader economy. Dimon pointed out that wages are going up and the unemployment rate is going down.

During the conference call with reporters, chief financial officer Marianne Lake added that the bank is still optimistic despite uncertainty surrounding tariffs and increased trade tensions between the United States and China, Europe, Canada and other big global economies. Lake said there has been "no meaningful impact on demand" so far for corporate loans.

But Dimon added that there can be "unpredictable outcomes" when there are multiple skirmishes on the trade front. He said he was hopeful that the trade issues will ultimately be resolved through negotiations.

A trade war isn't the only potential problem for banks. Analysts asked Dimon and Lake several questions about rising interest rates during another conference call later Friday.

There have been some concerns that even though the Federal Reserve is raising short-term rates, longer-term rates have barely budged lately. This so-called flattening of the yield curve could be the harbinger of an economic slowdown.

But Dimon didn't seem too think this would be a big problem. He even predicted that long-term bond yields, particularly the 10-year Treasury, would eventually start to creep higher again -- and that's another sign of a solid economy.

"Rates can go up in a healthy environment," Dimon told analysts. "It's not always true that the 10-year going up is bad."

The lingering uncertainty may be worrying investors a bit however. Even though the bank's profit surpassed analysts' expectations, JPMorgan's (JPM) stock was down slightly Friday.

JPMorgan is just one of several big banks to report results Friday. Citigroup (C) and Pittsburgh regional banking giant PNC (PNC) also posted profits that topped forecasts. But scandal-plagued Wells Fargo (WFC) reported earnings that missed Wall Street's targets




Must be nice.

53 comments for "Jul 13 - JPMorgan Chase Makes $8.3 Billion Profit in One Quarter"

 8 months ago '04        #2
datboy|e 18 heat pts18
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Crazy

 8 months ago '08        #3
foestacks 14 heat pts14
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Everything gonna crash

 8 months ago '05        #4
Tha Boss 59 heat pts59
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How do they make money aside from interest?

 8 months ago '09        #5
messy marv stan 5198 heat pts5198
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 Tha Boss said
How do they make money aside from interest?

extort people and buy up smaller banks they dont like

 8 months ago '17        #6
arms 21 heat pts21
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 Tha Boss said
How do they make money aside from interest?
Fees. Banks make billions from wire fees, transfer fees, minimum daily balance fees, portfolio management fees and especially OVERDRAFT fees.

I'm strongly of the opinion that the banks have algorithms that determine when your account is most likely to run out of money and schedule certain payments to clear after the fact while forging the ledger to make you think it went through. That way they charge you when the account overdrafts.

 8 months ago '15        #7
POTUS2045 4 heat pts
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 Tha Boss said
How do they make money aside from interest?
As a trading brokerage, corporate finance lender, Ipo underwriter, a*set-based commercial lending, PPPs, debt buyer, mortgage lending, M&A deals, wealth management services, and personal information buying/selling

 8 months ago '16        #8
00010111 107 heat pts107
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They buy back the stock to boost/keep the value of their personal stock holdings artificially high.

Dump when they see the writing on the wall.

Shady as hell.

 8 months ago '17        #9
dubsax 13 heat pts13
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 Tha Boss said
How do they make money aside from interest?
Every dollar printed is really worth 9 more.

A bank can loan out 10x what it has in liquidity.
So that same 1 dollar can be given to 9 other people as long as they promise to pay it back with interest.
If your rate is prime plus 1, that means your are paying back 1 point above the rate the fed dictates.
That $1 could easily bring you back $15 by the end of the year.
Couple that with compounding interest could bring back 100's, 1000's

And remember every dollar on hand can be lent 9 more times

Defaulting on loans are even better for them.

Money in reality is a certificate of a debt owed.




If you ever win the lotto, the first thing you do is open a bank.
1 million can become 10 million in a*sets in a blink of an eye.

 8 months ago '17        #10
dubsax 13 heat pts13
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As much as I hate him, Dimon is THE finesse god.

What he did during the financial crisis was genius.

A brief rundown.
During the bubble burst people made a run on banks because they thought they would go under and their money wouldnt be safe.
This was the reason banks started to fall was because of the people not the housing market, not having the liquid 10%.

Dimon knew this so he kept 2 sets of books, one real and the other showing that Chase not only had their 10% on hand but with much more to spare.
This allowed them along with govt. funds to buy out WaMu and acquire all their a*sets.

When it was found out that Chase never really had the money and was at risk too it was years later. Chase was fined 3-4 billion and the #2 was fired.
What they gained was over 300 billion dollars in a*sets.

The American government made money, Dimon made a sh*t ton and even the guy that fell on his sword made 10's of millions.

They all cheated, he was the only one not to blink.


The guy is a financial genius but dont trust a word he says

 8 months ago '07        #11
MOTTAFOOKAH 5 heat pts
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 arms said
Fees. Banks make billions from wire fees, transfer fees, minimum daily balance fees, portfolio management fees and especially OVERDRAFT fees.

I'm strongly of the opinion that the banks have algorithms that determine when your account is most likely to run out of money and schedule certain payments to clear after the fact while forging the ledger to make you think it went through. That way they charge you when the account overdrafts.
Keep in mind that they are more than just a "retail bank".

 8 months ago '13        #12
jae dub 336 4 heat pts
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if only they would refund the taxpayers for bailing them out that would be great

 8 months ago '11        #13
Sin 1920 heat pts1920
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 jae dub 336 said
if only they would refund the taxpayers for bailing them out that would be great
Chase repaid the 12 billion they borrowed

 8 months ago '11        #14
Sin 1920 heat pts1920
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Props to chase

 8 months ago '13        #15
jae dub 336 4 heat pts
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 Sin said
Chase repaid the 12 billion they borrowed
😂😂ik some peeps who use to work and bank with Chase


can't say I ever remember them making a fuss bout dem


but they ran a scheme for a few summers off Chase

 8 months ago '17        #16
arms 21 heat pts21
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 MOTTAFOOKAH said
Keep in mind that they are more than just a "retail bank".
Exactly. This is just on the retail side.

 8 months ago '17        #17
arms 21 heat pts21
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 jae dub 336 said
😂😂ik some peeps who use to work and bank with Chase


can't say I ever remember them making a fuss bout dem


but they ran a scheme for a few summers off Chase
Those bank schemes were super hot about 10 years ago until the FEDS locked everybody up.

 8 months ago '17        #18
arms 21 heat pts21
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 dubsax said
As much as I hate him, Dimon is THE finesse god.

What he did during the financial crisis was genius.

A brief rundown.
During the bubble burst people made a run on banks because they thought they would go under and their money wouldnt be safe.
This was the reason banks started to fall was because of the people not the housing market, not having the liquid 10%.

Dimon knew this so he kept 2 sets of books, one real and the other showing that Chase not only had their 10% on hand but with much more to spare.
This allowed them along with govt. funds to buy out WaMu and acquire all their a*sets.

When it was found out that Chase never really had the money and was at risk too it was years later. Chase was fined 3-4 billion and the #2 was fired.
What they gained was over 300 billion dollars in a*sets.

The American government made money, Dimon made a sh*t ton and even the guy that fell on his sword made 10's of millions.

They all cheated, he was the only one not to blink.


The guy is a financial genius but dont trust a word he says
Let's not forget about Hank Paulson. Former CEO of Goldman Sachs during the last financial crisis.

This guy had to sell his Goldman stock because GHWB appointed him Treasury Secretary and got to keep well over $400 million because he paid no taxes due to a law put on the books by the first George Bush.

 8 months ago '15        #19
Shmoedog 
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What type of "......excellence" are these bankers?

 8 months ago '15        #20
KOCA12JOE 1 heat pts
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 Tha Boss said
How do they make money aside from interest?
Because banks take the money you deposit and put it in Forex. For instance, you put $200 in your account. The bank takes that $200, have their expert traders turn it into $5000, then put your $200 back in your account and give you 0.001% interest on it. Don't understand why more people don't trade in Forex. I started learning and trading Forex a few months ago. Best decision I've ever made...

 8 months ago '15        #21
SeraphKin 8 heat pts
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 dubsax said
As much as I hate him, Dimon is THE finesse god.

What he did during the financial crisis was genius.

A brief rundown.
During the bubble burst people made a run on banks because they thought they would go under and their money wouldnt be safe.
This was the reason banks started to fall was because of the people not the housing market, not having the liquid 10%.

Dimon knew this so he kept 2 sets of books, one real and the other showing that Chase not only had their 10% on hand but with much more to spare.
This allowed them along with govt. funds to buy out WaMu and acquire all their a*sets.

When it was found out that Chase never really had the money and was at risk too it was years later. Chase was fined 3-4 billion and the #2 was fired.
What they gained was over 300 billion dollars in a*sets.

The American government made money, Dimon made a sh*t ton and even the guy that fell on his sword made 10's of millions.

They all cheated, he was the only one not to blink.


The guy is a financial genius but dont trust a word he says
How did he not go to prison?

 8 months ago '11        #22
DboyFlexxxin 
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 arms said
Fees. Banks make billions from wire fees, transfer fees, minimum daily balance fees, portfolio management fees and especially OVERDRAFT fees.

I'm strongly of the opinion that the banks have algorithms that determine when your account is most likely to run out of money and schedule certain payments to clear after the fact while forging the ledger to make you think it went through. That way they charge you when the account overdrafts.
Outside of that, banks and big money holders have more algorithms then one would ever realize

 8 months ago '11        #23
DboyFlexxxin 
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 KOCA12JOE said
Because banks take the money you deposit and put it in Forex. For instance, you put $200 in your account. The bank takes that $200, have their expert traders turn it into $5000, then put your $200 back in your account and give you 0.001% interest on it. Don't understand why more people don't trade in Forex. I started learning and trading Forex a few months ago. Best decision I've ever made...
Where you trading domestic before? I am ignorant in foreign investments. Hell, can barely wrap my mind around domestic

 8 months ago '11        #24
inthezone 13 heat pts13
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These the same banks that the government will bail out if there is a recession???

 8 months ago '15        #25
KOCA12JOE 1 heat pts
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 DboyFlexxxin said
Where you trading domestic before? I am ignorant in foreign investments. Hell, can barely wrap my mind around domestic
Forex can be traded anywhere. All you need is a broker. Your broker account allows you to trade any currency of your choosing. For example USD vs EUR, JPY vs GBP, AUD vs CHF or whatever. Anyone can do it but it's like throwing money out a window if you don't know what you doing. I'm currently in Texas but I personally know average people all over the world who do it.

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