(Reuters) – JPMorgan Chase & Co reported a rise in second-quarter profit on Thursday, helped by higher investment banking fees and an $8 billion accounting gain from a stock-swap deal with Visa.
Profit at the largest U.S. bank rose to $18.15 billion, or $6.12 per share, in the period, from $14.47 billion, or $4.75 per share, a year earlier. JPMorgan benefited from a deal to swap some of its shares with Visa, the world’s largest payments network. Investment banks also benefited from a pick-up in capital-raising activity in debt and equity markets. Wall Street investment banks are also seeing higher fees from mergers and acquisitions as companies grow more confident that the U.S. economy can avoid a major recession. JPMorgan’s investment banking fees rose 50%, above the company’s previous forecast of a 25% to 30% increase.
(Reporting by Niket Nishant in Bangalore and Nupur Anand in New York, by Mathias de Rozario, edited by Augustin Turpin)
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