JPMorgan CEO Dimon sees 'good global economic growth, particularly in the U.S.'
Jamie Dimon, Chairman and CEO, commented on the financial results: "We see good global economic growth, particularly in the U.S., where consumer and business sentiment is high. Because of this broad growth and the strong underlying performance across each of our businesses, the company delivered record results this quarter. We also want to acknowledge that global competition is getting stronger. The healthy U.S. consumer drove double digit growth in client investment assets, card sales and merchant processing volumes. Capital markets were open and active, leading to strong fee and markets revenue performance. In the Corporate & Investment Bank we had record Global IB fees for the first half of the year, maintaining our #1 rank year-to-date. Commercial Banking revenue grew 11%, with particular strength in investment banking and treasury services, as well as solid loan growth. Our Asset & Wealth Management business continued to perform well with positive net long-term and liquidity inflows and continued loan growth." Dimon concluded: "Our strong, diversified franchise generates significant capital to invest in technology, bankers, products and markets. This quarter alone we announced new card products, the national rollout of our all-mobile bank, Finn, new branches in the Washington D.C. area, and plans for a more significant investment in China. We were also pleased to announce our new capital distribution plan, which includes a meaningful increase in dividends and repurchases. Our highest and best use of capital is to reinvest it in the growth of our clients around the world. We are confident that we will continue to drive long-term value for our clients, communities and shareholders."