Wednesday, 23 July, 2014

 
Published July 17, 2014
JPMorgan's Q2 gain raises hopes for US economy
Though not strong, it shows that the bank is stepping up lending in key areas
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It has worked before: When big banks loosen the lending spigot, the economy tends to grow faster, creating more jobs and higher incomes. - PHOTO: REUTERS

[NEW YORK] It has worked before: When big banks loosen the lending spigot, the economy tends to grow faster, creating more jobs and higher incomes.

JPMorgan Chase's second-quarter results, released on Tuesday, contained some tentative indications that large lenders may soon be in a position to lift economic growth.

As America's largest bank, JPMorgan is something of a barometer for the wider banking sector.

The bank's headline numbers were not particularly impressive. JPMorgan's profit in the quarter totalled US$6 billion, an 8 per cent decline from US$6.5 billion in the same period a year earlier.