Investment banking provides springboard for JP Morgan’s jump in profits for 2010
JP Morgan set an optimistic tone at the start of the US bank results season last Friday, reporting a 55% increase in its profits to $24.859bn for the full year 2010. The bank’s $4.8bn net income for the fourth quarter — up 47% from the $3.3bn in the final quarter of 2009 — exceeded analysts’ expectations, as did earnings per share of $1.12.
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