Strong Q2 for JP Morgan but banks to face tougher Q3
JP Morgan’s second quarter results offered a glimmer of hope amid the gloom that continued to envelop the financial industry this week, as fears mount over the size of the haircut that banks will have to take as part of any restructuring of European peripheral sovereign debt.
But with talk swirling this week of more job losses to come in the sector UBS being the latest firm expected to announce investment banking cutbacks shortly expectations are that the second half of the year could be tougher for the industry.
JP Morgan reported pre-tax
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