New York. After Citigroup had already surprised on Monday with positive quarterly figures, competitors JP Morgan and Goldman Sachs were placed on Tuesday. JP Morgan also gained more money during the second quarter thanks to the growth of retail banking and tax credits. The profit increased 16 percent to 9.65 million dollars (8.6 million euros), as announced by the largest credit institution in the United States.
"We had a good second quarter and the first half of the year," said CEO James Dimon. The boost in the retail banking business in the US remains against rising salaries and the growing labor market. In investment banking, on the other hand, the benefits decreased, both in equity and trading of bonds registered by JP Morgan, as losses of Citigroup. Even so, investors liked the numbers, but the stock won slightly in advance.
Wells Fargo also increased its quarterly profit by 20 percent to $ 6.2 trillion. Wells Fargo focuses on consumer credit and abstained from trading securities and investment.
Goldman wins less
The American investment bank Goldman Sachs, however, has earned less. The surplus was reduced by six percent to $ 2.2 billion (about two million euros).
Goldman Sachs can not rely on a strong retail banking business, so it feels the weakness of investment banking. Consolidated revenues were reduced by 2% to $ 9,466 million.
As less mergers and acquisitions were completed, consultancy fees were reduced. In the negotiation of bonds, yields fell 13 percent. However, in the negotiation of equities, the bank could increase its income by six percent. Even so, investors liked the numbers: Goldman's share increased before the time. As a result, the United States' second quarter earnings season has been more encouraging than expected. Market participants had worried that the stock markets had grown too far ahead and were therefore prone to disappointment. (ag./b.l.)
("Die Presse", printed edition, 07.76.1901)