JPMorgan Chase posted record profits and an overall boost in revenue in the first quarter, in the face of recent turmoil in the banking sector last month.
The better than expected April 14 earnings report beat most analysts’ estimates for the quarter, as depositors placed their money into the larger banks in the wake of the industry’s crisis.
The bank saw “significant new account opening activity” and deposit inflows, according to CFO Jeremy Barnum.
Wells Fargo and Citigroup also saw positive earnings report last week.
JP Morgan’s diversified businesses and trillions of dollars in assets also cushioned it from the crisis that slammed regional and smaller lenders….