JPMorgan CEO Jamie Dimon sees ‘rapidly improving economy’
U.S. stocks opened modestly higher across the board as JPMorgan and Goldman Sachs both posted better-than-expected earnings.
The Dow Jones Industrial Average rose over 100 points or 0.45% while the S&P 500 and Nasdaq Composite tilted higher.
The nation’s largest bank, in a sign the U.S. economy is improving, released $5.2 billion of reserves during the quarter, decreasing the size of its buffer to $26 billion.
This as the lender earned $14.3 billion, or $4.50 per share, as revenue rose 14% year over year to $33.12 billion. Wall Street analysts surveyed by Refintiv were expecting JPMorgan to earn $3.10 per share on revenue of $30.52 billion.
CEO Jamie Dimon noted the quarter reflects a “strong underlying performance across our businesses, partially driven by a rapidly improving economy…”
