Profits double at JPMorgan; Goldman rides M&A boom

Profits at JPMorgan Chase skyrocketed 155% in the latest quarter, America's largest bank said on Tuesday.

The upswing came as the Wall Street titan released about $3 billion from reserves it had set aside in case loans went bad during the darkest days of the health crisis.

A surge in fees tied to corporate deals also boosted the bank's own bank account.

But it wasn't a total blowout quarter.

Trading activity has ebbed from the frenetic pace seen last year, leading to a slowdown from last year's record-breaking trading results. Overall trading revenue slumped 28 percent.

Yet, JPMorgan Chase, seen as economic bellwether due to its sheer size, topped second-quarter sales and profit forecasts, due in part to a rebound in consumer card usage.

Meanwhile, Goldman Sachs, Wall Street's biggest investment bank, rode a record-setting pace of global dealmaking.

Revenues rolled in from fees it charges as global mergers and acquisitions smashed records for a second straight quarter.

Goldman said Tuesday that it released $92 million from reserves it set aside in case corporate loans went unpaid.

Profits were significantly higher from a year ago and so were sales...both measures topped analysts forecasts as well.

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