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US: Major banks report upbeat earnings

The United States’ biggest financial institutions have recently reported their earnings to point out to a healthy activity in the sector. JPMorgan’s second-quarter revenue rose 6.5% to $28.39 billion boosted by corporate tax cuts and higher interest rates.

“We see good global economic growth, particularly in the U.S., where consumer and business sentiment is high,” JPMorgan’s Chief Executive Officer Jamie Dimon told Reuters and added that they were still hopeful of delivering on 6-7% core loan growth in 2018.

Furthermore, Wells Fargo’s Q2 revenue met experts’ estimates at $21.6 billion while Citi’s fell a little short of the market expectation of $18.67 billion as it came in at $18.47 billion. However, Citi’s earnings per share at $1.63 beat the analysts’ forecast  of $1.57.

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