Robust dealmaking activity and strong trading results helped boost US bank earnings Tuesday despite lingering worries about a softening job market and a potentially overvalued stock market.
Profits rose in the third quarter at JPMorgan Chase and three other US lending giants, reflecting strength in core business areas and the still-healthy condition of many consumers even after a lengthy stretch of persistently high costs that have stretched low-income households.
At JPMorgan, profits were $14.4 billion, up 12 percent from the year-ago level, with revenues of $46.4 billion, up 9 percent.
The bank, the biggest US lender in terms of assets, reported somewhat higher credit costs in the quarter as it disclosed details about a $170 million hit from the bankruptcy of Tricolor, a subprime auto