Second-quarter profits at JPMorgan Chase (JPM) surged, but a drop in a key revenue source demonstrated the challenges facing even the biggest US bank.
Citigroup beat Wall Street expectations for 2nd-quarter profit boosted by a 60% jump in investment banking revenue and gains in its services division.
It’s been about 25 years since Wall Street had a serious bear hunt. And it appears another one is starting up now.
The founder of Archegos Capital Management, a hedge fund that collapsed in 2021, was convicted Wednesday of securities and market manipulation fraud.