The first major banks to report, JP Morgan and Wells Fargo debuted a strong start to second quarter earnings as profits soared in their wealth divisions even as the economic recovery remained somewhat volatile the past three months.
Net income at Wells Fargos Wealth, Brokerage and Retirement divisions leapt up 29% from the first quarter and 27% from last year, topping off at a record $434 million. JP Morgans asset management unit, which includes its private bank, retail and institutional services, saw similar results as profits rose 28% year-over-year to $500 million.
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