Did JPMorgan's earnings set too high of a bar for banks?

JPMorgan Chase's second quarter results handily topped Wall Street estimates, thanks in part to its acquisition of First Republic. RBC Capital Markets Managing Director Gerard Cassidy tells Yahoo Finance Live that the bank has managed to "set themselves apart" from the rest of the sector, which is why "their valuation is the highest amongst the big banks, because they are the most profitable." For upcoming bank earnings, Cassidy says he expects Bank of America's profitability to be "robust," while Goldman Sachs and Morgan Stanley are likely to feel the effects of the current market conditions.