Saturday, April 14, 2012

JP MORGAN, WELLS FARGO POST GOOD RESULTS.




JPMorgan, America’s biggest bank by assets, posted revenue of $26.71 billion, up 6% compared with the quarter a year ago. It was partly because of strong demand for mortgages, business loans, as well as healthy trading volumes on Wall Street. That was $2 billion more than analysts had expected.


For Wells Fargo, which recently replaced Bank of America as the America’s leading mortgage lender, home loans were also a source of strong growth, as was lending to corporations. Revenue at Wells Fargo rose 6 percent, to $21.64 billion, the highest level in more than two years. Until now, the bank’s revenue had steadily declined for several quarters. In the first quarter of last year, for instance, the bank’s revenue dipped 5 percent.

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