JPMorgan Says U.S. Consumer Is Strong, Profit Tops Estimates
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Brexit impact seen as limited for U.S. economy, CFO says
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Demand for loans was broad-based in the second quarter
Brexit, be darned: The U.S. consumer is doing just fine, according to JPMorgan Chase & Co., and that bodes well for the economy even as Europe is buffeted by political turmoil after the U.K.’s historic referendum last month.
Britain’s vote to leave the European Union was a “political and economic challenge that will take time to resolve, but not a financial crisis, and the impact on global growth and the U.S. economy should be small,” Chief Financial Officer Marianne Lake said Thursday in a call with reporters, after JPMorgan reported a second-quarter profit that beat analysts’ estimates. “We had broad-based demand for loans pretty much across categories, whether it was auto, business banking, cards, so I would say that speaks well for the U.S. economy and the consumer in particular.”…
JPMorgan Says U.S. Consumer Is Strong, Profit Tops Estimates
