Despite profits tumbling 51 percent and the largest loan-loss provision in its history, JPMorgan Chase — the United States' largest bank — actually beat expectations for its second quarter earnings report amid the coronavirus pandemic. That's thanks to record trading revenue, which jumped 15 percent, highlighting Wall Street's rapid recovery from the economic crisis.
For context, the bank's fixed-income traders — those focusing on bonds, money markets, and other debt securities — generated enough revenue to set the record on their own, even if the equities group was stagnant.
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