5 Important Things Jamie Dimon Said on JPMorgan Chase's Q2 Earnings Call
It was a remarkable second quarter for JPMorgan Chase (NYSE: JPM), which managed to report a profit of roughly $4.7 billion after setting aside nearly $10.5 billion to cover future potential loan losses. That $10.5 billion quarterly credit provision is larger than any quarterly provision the bank took during the Great Recession, and perhaps its largest ever. Offsetting the provision was a record $33.8 billion in total revenue for the company. The main driver behind this number was $16.4 billion in revenue generated by JPMorgan's corporate and investment bank division, $9.7 billion of which came from fixed-income and equity markets trading revenue.
Despite the company's great results during a very difficult quarter, the coronavirus pandemic is far from over, and JPMorgan Chase CEO Jamie Dimon acknowledged there is still much uncertainty moving forward. Here's what else Dimon had to say about JPMorgan's earnings and the economy on the bank's second-quarter earnings call.
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