[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.