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JPMorgan profits fall 8% as trading business declines JPMorgan trading profits fall but Goldman Sachs income rises
(35 minutes later)
US banking giant JPMorgan Chase has reported an 8% fall in profits in the second quarter of 2014, after declines in its securities trading business. US banking giants JPMorgan Chase and Goldman Sachs have seen mixed results from their investment businesses.
JPMorgan reported an 8% fall in second-quarter profits after declines in its securities trading business.
Net income in the three months to the end of June was $6bn (£3.5bn) - a fall of $500m compared with a year earlier.Net income in the three months to the end of June was $6bn (£3.5bn) - a fall of $500m compared with a year earlier.
The bank also took a multi-million dollar hit in legal fees. But Goldman Sachs saw a 5% profit rise after higher revenues from its investing and lending business.
The figures mark the third successive quarterly fall in profits at the bank. The bank earned $1.95bn in the three months to 30 June, up from $1.86bn in the same period a year earlier.