Saturday, October 13, 2012

Big Banks Report Big Earnings

Two of the U.S. largest banks, JPMorgan Chase and Wells Fargo, reported big quarterly profits on Friday—with JPMorgan Chase having a third-quarter profit of $5.7 billion, up 34 percent from last year. The economy is adding jobs, the housing market is recovering, and the Federal Reserve provides money for free. Which means it is a great time to be a bank. Earnings at Wells Fargo were up 22 percent for the third quarter, or $4.9 billion profit. Chase’s profits come in the aftermath of the “London whale” trading debacle.

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