By John BiersNEW YORK—Credit cards were a strength and trading revenues a weakness in the solid US bank earnings released Friday, as JPMorgan Chase chief executive Jamie Dimon erupted in frustration at political gridlock in Washington. JPMorgan Chase, Wells Fargo and Citigroup all reported better-than-expected earnings, and bank executives described US economic growth as solid, if unspectacular, as moves by the US Federal Reserve to lift interest rates have enabled banks to charge more for loans. Yet Friday’s deluge of results, the unofficial start of the second-quarter corporate earnings period, drew a lackluster reaction from Wall Street, with shares of all three banks falling after the reports. At JPMorgan, the biggest US bank by assets, second-quarter net income rose 13.4 percent to $7.0 billion. “We’re looking at a slower rise in interest rates in general and that speaks to Fed funds rate policy,” said CFRA analyst Ken Leon.

Source: The Standard July 16, 2017 12:00 UTC