Profits Soar For JPMorgan Chase & Co.
RENEE MONTAGNE, Host:
NPR's business news starts with one bank's big profit.
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MONTAGNE: JPMorgan Chase today said its net income for the second quarter - that is, the money it made - was $4.8 billion. That's 76 percent higher than the same quarter last year. JPMorgan is one of the big winners to emerge from the financial crisis. It said this quarter, delinquencies on consumer loans declined, meaning the bank didn't have to set aside so much money for its financial reserves. Even though JPMorgan was charged half-a-billion dollars as part of a new British government tax on bankers' bonuses, the company still managed to beat Wall Street expectations.
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