JPMorgan Chase Reports Big Earnings

Cash is king, and thus it looks like Jamie Dimon is still the man on top. With solid earnings of $6.5 billion in the second quarter, the behemoth bank seems to be rebounding after a year of negative press related to the $6.2 billion loss by the “London Whale.” However, despite the strong numbers, Wall Street responded with a collective shrug. A lot of the earnings came from releasing loan reserves, and the bank indicates its mortgage business would suffer as rates rise.