JPMorgan Chase says profits jumped sharply in the second quarter as the bank cashed in billions of dollars of its holdings in Visa Inc. But the bank’s results were also helped by higher interest rates, as well as consumers who seemed to still want to s...
FILE - A sign stands outside a branch of Wells Fargo bank on April 17, 2024, in Littleton, Colo. Wells Fargo reports earnings on Friday, July 12, 2024. JPMorgan Chase’s profits jumped sharply in the second quarter as the bank cashed in billions of dollars of its holdings in Visa Inc. But the bank's results were also helped by higher interest rates, as well as consumers who seemed to still want to spend, despite geopolitical and economic uncertainties.
A significant part of JPMorgan’s results was a $7.9 billion gain on its stake in Visa. The bank converted its ownership in the payment processing giant into common stock in the second quarter. The bank also donated $1 billion of Visa shares to JPMorgan’s philanthropic organization. JPMorgan CEO Jamie Dimon repeated his warnings about heightened geopolitical risks and inflation in his statement to investors. Dimon, in several interviews, has said he believes thatthan normal for longer than people are expecting.
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