2 Monster Bank Stock Earnings Reports Lifting Market Spirits

JPMorgan Chase & Co. (NYSE:JPM) posted a decrease in profit as revenue declined. Net income for JPMorgan Chase & Co. fell to $4.96 billion ($1.21 per share) vs. $5.43 billion ($1.27 per share) a year earlier. This is a decline of 8.7% from the year-earlier quarter. Revenue fell 17.2% to $22.18 billion from the year-earlier quarter. JPMorgan Chase & Co. beat the mean analyst estimate of 78 cents per share. Analysts were expecting revenue of $21.93 billion.

Wells Fargo & Co. (NYSE:WFC) from reporting a profit boost in the second quarter. Net income for the banks-major regional rose to $4.62 billion (82 cents per share) vs. $3.95 billion (70 cents per share) in the same quarter a year earlier. This marks a rise of 17.1% from the year-earlier quarter. Revenue fell 3.6% to $21.29 billion from the year-earlier quarter. Wells Fargo & Co. beat the mean analyst estimate of 81 cents per share. Analysts were expecting revenue of $21.36 billion.

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