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Better economy, merger boom boosts US bank earnings

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AFP

New York (AFP) – Profits at Goldman Sachs jumped amid a merger boom, while JPMorgan Chase’s results were boosted by the “halo effect” on loan quality from an improving economy, according to results released Tuesday. The two financial heavyweights both reported soaring second-quarter profits compared with the year-ago period when large banks set aside massive reserves in case clients defaulted amid the coronavirus downturn. But widespread access to Covid-19¬†vaccines and the accelerating reopening of the US economy have put those days in the rearview mirror.¬† At JPMorgan, which has a significant…

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