JPMorgan Chase yesterday confirmed investors' fears that Wall Street's year-long rebound from the financial crisis had come to a halt in the second quarter, offsetting steady improvement in the financial health of US consumers and businesses.
JPMorgan's investment bank, which had enjoyed a boom in trading and capital raises since early 2009, had its worst results in more than a year as mounting worries over Europe, the global economy and regulation forced investors and companies to the sidelines.
However, fewer consumers and companies defaulted on their loans, prompting JPMorgan to release $1.5bn in loan loss reserves – a windfall that accounted for more than a third of profits in the three months to the end of June.
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