JPMorgan has the world's biggest Wall Street bank by revenue, a business that helped it capture opportunities created by the response to the pandemic.
JPMorgan is known to most as one of the biggest U.S. retail banks, with a coast-to-coast network of branches that has fueled much of the lender's dominance over the past decade. Thanks to the coronavirus pandemic, that division has left the company exposed to billions of dollars in potential loan defaults across credit card, mortgage and auto lines.
The Wall Street division helped offset losses in two of JPMorgan's four main businesses, its consumer and commercial bank, as the firm set aside $8.9 billion for expected loan defaults across its operations. Investment banking revenue climbed 91% to $3.4 billion on record advisory fees as big corporate clients tapped debt and equity markets at a furious pace to build cash positions amid the uncertainty of the pandemic.
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