JPMorgan Chase posted relatively flat second quarter results
compared to the first quarter of 2010 after a subdued few months
for the private bank, but assets under management were up on the
year-ago period.
JPMorgan Chase’s private bank unit posted revenue of $695m for
the second quarter of 2010, down marginally from $698m in the first
quarter but up 9% from the year-ago period.
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Private banking revenue for the first half of 2010 stood at
$1.4bn, up 14% from $1.2bn in the first half of 2009.
Revenue at JPMorgan Chase’s private wealth management arm rose
4% from the second quarter of 2009 to $348m in the second quarter
of 2010. But this represented just a 1.5 rise on the preceding
quarter of 2010.
The group’s asset management unit had net income of $391m, a
slight uptick from the first quarter’s $392m, but an 11% increase
on the prior year.
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