JPMorgan Chase tops estimates for profit and revenue on better-than-expected interest income

The CEO of Chase, Jamie Dimon, attended the “Choose France Summit” in an effort to attract foreign investors to the country. JPMorgan Chase reported third-quarter results that exceeded profit and revenue estimates, with earnings of $4.37 a share and revenue of $43.32 billion. The company’s profit fell 2% from the previous year to $12.9 billion, while revenue increased by 6%. The bank’s results were boosted by its Wall Street division, with investment banking fees increasing by 31% and trading revenues performing well. JPMorgan has thrived in a rising rate environment but may face challenges with the Fed cutting rates. Shares of JPMorgan rose about 2% in premarket trading and are up 25% for the year. Wells Fargo also released quarterly results, and other big banks are set to report next week. Stay tuned for updates on this developing story.