JPMorgan 33% Profit Jump Beats Estimates on Reserve Releases
Despite JP Morgan Chase & Co. battle over chairman position, the company seems to be doing very well. JP Morgan has recently announced that their first quarter profit rose 33 percent, much better than most analysts have anticipated. Although some sacrifices in the company had to be made, the final outcome for the company was for the better. The current company structure under Dimon has shown that he is best fit to stay as chairman of the company; directors are urging investors to keep Dimon as the chairman of the company despite his responsibility over the trading loss of 6.2 billion. Since the last year JPMorgan has picked up their slack and generated 10.1 billion in revenue, a 9 percent increase from the year before.
The current company structure under chairman Dimon is proving to be the most effective when Dimon is working under chairman position. He has done what was necessary to help improve and grow the company to where it is today, despite the bad publicity from the trading loss, JPMorgan was able to turn around the company and do better than their competitors. Their first quarter profits is a sign that the company will continue to thrive while restoring more confidence in investors and clients.
Written by: Wilson Tang