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Ben Sutherland
This is JPMorgan's largest share since 2009, when many banks were still struggling to recover from the financial crisis.
This year's earnings for JPMorgan surpasses that of Citigroup Inc. and Bank of America Corp. combined. "JPMorgan is the Goliath of Goliaths," observes Mike Mayo, an analyst at Wells Fargo.
Jamie Dimon, the CEO of JPMorgan, has taken advantage of acquisition opportunities—such as the rescue of First Republic in May of this year—and rival banks' errors to establish his bank as the biggest in the country by nearly all metrics.
Rising interest rates have helped the majority of the leading US banks. However, JPMorgan outperformed the competition when it acquired First Republic following the demise of the California-based financial institution, evoking memories of the occasions when it acquired companies like Bear Stearns and Washington Mutual amidst the 2008 financial crisis.
source: ft.com
This year's earnings for JPMorgan surpasses that of Citigroup Inc. and Bank of America Corp. combined. "JPMorgan is the Goliath of Goliaths," observes Mike Mayo, an analyst at Wells Fargo.
Jamie Dimon, the CEO of JPMorgan, has taken advantage of acquisition opportunities—such as the rescue of First Republic in May of this year—and rival banks' errors to establish his bank as the biggest in the country by nearly all metrics.
Rising interest rates have helped the majority of the leading US banks. However, JPMorgan outperformed the competition when it acquired First Republic following the demise of the California-based financial institution, evoking memories of the occasions when it acquired companies like Bear Stearns and Washington Mutual amidst the 2008 financial crisis.
source: ft.com
