Great news from one of the nation’s largest banks. Of course, they are waiting to hear from the government as to when they will be allowed to repay the money.
Sphere: Related ContentJPMorgan Chase & Co (JPM.N) reported better-than-expected first-quarter profit as improved investment banking performance offset increased losses from credit cards and other consumer debt, sending its shares up as much as 4.5 percent.
A deepening recession and rising unemployment forced the bank to set aside more money against losses in its consumer banking business.
But even amid economic difficulty, Chief Executive Jamie Dimon said the bank has the money to repay the $25 billion in taxpayer funds it received from the U.S. government in October.
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