Profits for JPMorgan Chase (JPM) surged in the second quarter, a show of strength that reinforces the divide between the industry's largest bank and its smaller rivals.
At JPMorgan, the largest US bank, its earnings of $14.5 billion were up 67% from the same period a year ago. Its revenue of $41 billion was up 34%.
"The US economy continues to be resilient," said JPMorgan CEO Jamie Dimon. "Consumer balance sheets remain healthy, and consumers are spending, albeit a little more slowly."
The result kicked off a closely-watched earnings season where banks of all sizes will be trying to show that they recovered from one of the most challenging periods for the industry since the 2008 financial crisis.
JPMorgan demonstrated its hold over the rest of the industry during the chaos of the spring by winning a government-run auction to purchase the bulk of operations of First Republic after regulators seized the San Francisco lender.
First Republic was one of three sizable regional banks to fail, along with Silicon Valley Bank and Signature Bank. Their seizures triggered a panic in the banking system and outflows of depositors from a number of smaller banks.
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