BUSINESS JPMorgan Chase's 1Q earnings surge to $14.3 bn on reserve release

BUSINESS

JPMorgan Chase's 1Q earnings surge to $14.3 bn on reserve release

AFP

19:15, April 14, 2021

The JPMorgan Chase & Co. World headquarters are pictured on April 17, 2019 in New York City. (Photo: AFP)

JPMorgan Chase reported a surge in first-quarter earnings on Wednesday following hefty reserve releases in the recovering economy and a blowout performance in investment banking.

Earnings came in at $14.3 billion at the big US bank, up about five times the level from the year-ago period. The result included $5.2 billion in releases of funds set aside earlier in the pandemic due to fears of bad loans.

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