JPMorgan posts record profit

JPMorgan Chase reported a record second-quarter profit on Tuesday, as a wave of big-ticket IPOs and dealmaking helped drive investment banking fees to their highest levels since 2021, while stock traders capitalized on volatile markets, reports Reuters.

Revenue rose across all business units at the bank. Investment banking rode a sharp rebound in the US IPO market, led by Elon Musk's SpaceX, which roared into the market with the largest listing in history. JPMorgan was among the lead underwriters on the deal.

"This strength is being supported by several tailwinds, including AI-driven capital investment, fiscal stimulus and the benefits of more efficient regulation," JPMorgan CEO Jamie Dimon said in a statement.

Shares of JPMorgan fell 2 per cent in volatile premarket trading after the bank raised its forecast for 2026 expenses to $107.5 billion from $105 billion.