JPMorgan reported a 30% jump in trading activity for the third-quarter, considered the result of markets’ continued volatility, which lifted the bank’s revenue ahead of Wall Street estimates, according to a report in CNBC.
Here’s how its third-quarter earnings results panned out:
- Generated revenue of $29.9 billion, ahead of the $28.2 billion analysts expected.
- Fixed-income trading climbing 29% from the year-earlier quarter to $4.6 billion.
- The bank posted third-quarter profit of $9.44 billion, or $2.92 per share, exceeding the $2.23 per share expected by analysts.
- Equities trading surged by 32% to $2 billion.
- Reduced reserves for loan losses by $569 million.
During its earnings call, JPMorgan’s CEO, Jaime Dimon, addressed wealth inequality in the U.S., particularly in Black and Latino communities.
“Despite significant uncertainty in the environment, the Firm is unwavering in its commitment to drive an inclusive economic recovery, advance sustainable solutions to address climate change and improve the lives of our customers, especially those in underserved communities,” Dimon said in a statement.