The Wall Street behemoth
reported earnings of $9.2 billion in the second quarter, up from $3.5 billion a year earlier. The huge increase was due in part to the bankâs release of more than $2 billion it stashed away in anticipation of covering soured loans from the COVID-19 pandemic. Still, total revenue disappointed analysts, falling to $21.5 billion, down 4% from $22.3 billion a year ago. Low interest rates dented interest income, and trading revenues fell.
The wealth management front was a different story. The nationâs No. 2 bank by assets showed strong growth in revenues, with record-level fees for assets under management (AUM) and client balances from April through June.