JPMorgan Profits Fall But Goldman Sachs Income Rises

October 7, 2014 2:30 pm  |  Comments: 0  | Views: 4475
    

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.

But Goldman Sachs saw a 5% profit rise after higher revenues from its investing and lending business. The bank earned $1.95bn in the three months to 30 June, up from $1.86bn in the same period a year earlier.

JPMorgan, the biggest US bank in terms of assets, saw net income from its corporate and investment business drop by $800m to $2bn, a fall of 31%.

A decline in bonds and currencies trading by big institutions hit revenue in the bank’s securities trading business.

Nevertheless, the bank said it had seen a “strong performance” in overall investment bank fees.

Goldman Sachs revenues from currency and commodity trading were down 10% to $2.22bn, but the firm’s investment business was buoyed by mergers and acquisitions, and equity underwriting.

“We are pleased with our results for the quarter in the context of mixed operating conditions during the period,” said Goldman Sachs chief executive Lloyd Blankfein.

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