JPMorgan posted a stronger-than-expected bump in quarterly profit thanks to strong results from trading and underwriting
) also reported earnings on Tuesday. Citi beat profit estimates thanks to a jump in trading revenue and strong credit card sales, while Wells Fargo’s profits slumped on a rise in legal reserves. [nL4N29J366]
Debt underwriting fees in the investment bank rose 11 percent year over year, in part thanks to the increased activity in bond issuance which made for competitive pricing conditions, she said. Chase credit card customers used their plastic to the bank’s benefit this holiday season. The bank reported credit card, merchant services and auto revenue surged $6.3 billion or 9%, with credit card loans up 8%.
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