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JPMorgan Chase reports $5 billion profit in second quarter

July 13, 2012‐ New York

US biggest bank JPMorgan Chase & Co has reported $5 billion profit in the second-quarter despite the $4.4 billion of credit trading losses in its London offices. The overall net income was $4.96 billion compared to $5.43 billion last year.

The company has announced their second-quarter results and said that they would restate its first-quarter earnings. The bank announced that it has lost $4.4 billion within the London office, up from $2 billion loss initially reported in May.

Revenue rose to $22.9 billion, down 16% from the same quarter a year ago
Net income fell to $4.96 billion, from $5.4 billion a year ago

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