JPMorgan's revenue surged by 20% to $50.99 billion, fueled by $2.3 billion from investment banking fees. Strong investment banking earnings were driving forces for Citi, Bank of America, and Morgan Stanley.
The bank allocated $3.05 billion for credit losses in Q2, above its estimated $2.78 billion, anticipating a rise in borrower defaults, mainly linked to its credit card division.
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