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| JP Morgan and Wells Fargo post big jump in profits | JP Morgan and Wells Fargo post big jump in profits |
| (35 minutes later) | |
| JP Morgan has recorded a profit of $6.5bn (£4.3bn) for the second quarter of 2013, up 31% from a year ago. | JP Morgan has recorded a profit of $6.5bn (£4.3bn) for the second quarter of 2013, up 31% from a year ago. |
| JP Morgan's steep rise in profits was flattered by the heavy losses controversially incurred by the US banking giant's chief investment office last year. | JP Morgan's steep rise in profits was flattered by the heavy losses controversially incurred by the US banking giant's chief investment office last year. |
| Dubbed the "London whale", trader Bruno Iksil ran up $6.2bn in losses in total. | Dubbed the "London whale", trader Bruno Iksil ran up $6.2bn in losses in total. |
| Separately, Wells Fargo reported a 20% rise in quarterly profits to $5.27bn as it set aside less money for bad loans. | Separately, Wells Fargo reported a 20% rise in quarterly profits to $5.27bn as it set aside less money for bad loans. |
| 'Strong performance' | 'Strong performance' |
| Net revenues at JP Morgan's large retail bank were slightly down from a year ago, but rose 10% at its investment bank, and also rose at its asset management unit. | Net revenues at JP Morgan's large retail bank were slightly down from a year ago, but rose 10% at its investment bank, and also rose at its asset management unit. |
| JP Morgan is the first of the big US banks to report results. As the US's biggest bank by assets, JP Morgan is looked at as a bellwether for the health of banking industry. | JP Morgan is the first of the big US banks to report results. As the US's biggest bank by assets, JP Morgan is looked at as a bellwether for the health of banking industry. |
| The figures are the first the bank has posted since chairman and chief executive Jamie Dimon overwhelmingly won a shareholder referendum in May on whether he should hold both posts. | The figures are the first the bank has posted since chairman and chief executive Jamie Dimon overwhelmingly won a shareholder referendum in May on whether he should hold both posts. |
| He said in a statement that the results showed a "strong performance across our businesses". | He said in a statement that the results showed a "strong performance across our businesses". |
| The US economy was showing "broad-based signs" of recovery, but consumers and small businesses remained cautious, he said. | |
| It's that recovery that may have big banks worried, as the US central bankers debating ending their extraordinary efforts to prop up the US economy | |
| Questions about when the Federal Reserve might raise rates have worried markets since the end of May, when chairman Ben Bernanke first hinted at the end of easing. | |
| "I think most banks are concerned with near record surges in currency and interest rate volatility," Larry McDonald, senior director at Newedge USA, told the BBC. | |
| "That's the big concern right now - much more than the London whale in the past." | |
| Meanwhile, Wells Fargo, the biggest US mortgage lender, saw profits rise from $4.4bn to $5.27bn on revenue that barely changed at $21.4bn. | Meanwhile, Wells Fargo, the biggest US mortgage lender, saw profits rise from $4.4bn to $5.27bn on revenue that barely changed at $21.4bn. |
| Provision for bad loans fell 64% to $652m. | Provision for bad loans fell 64% to $652m. |