The USA’s largest investment bank, JP Morgan, has reported profits of £4.2 billion in the first quarter of 2013.
Exceeding all expectations, a strong performance was reported across all businesses, in what JP Morgan described as a sign the US economy is ‘healthy and getting stronger’.
A huge drop in litigation costs this year also aided profits: the bank said that it had set aside $1.2 billion less in the quarter to cover bad consumer loans. The bank suffered losses of $6 billion last year following the ‘London Whale’ trades.
JP Morgan Chief Executive Jamie Dimon has responded by emphasising the need for the bank to ‘strengthen our controls and carry out our compliance mission’.
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