The flood of reports

The major US banks make larger profits than expected

The profits of the major US banks JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs beat expectations in the second quarter reported on Tuesday. The commercial banks also had large revenues linked to stock trading, writes CNBC.

– The US economy has shown remarkable resilience this year, with stronger investments and increased new hiring in companies, says JPMorgan CEO Jamie Dimon in a comment. 

Trading revenues of 378 billion expected

Five of the major US banks present their interim reports on Tuesday. According to Bloomberg, JP Morgan, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are expected to report trading revenues of 39 billion dollars, equivalent to 378 billion kronor.

Goldman Sachs alone is expected to pull in 5 billion dollars in revenues from stock trading during the quarter.

Behind the high revenues lies a period of large market fluctuations, which has led to extensive trading. Banks with large exposure to volatile Asian markets are expected to have an especially good quarter.