“We are pleased that our results for the quarter reflected positive credit trends for our consumer real estate and credit card portfolios,” said Jamie Dimon, JP Morgan chief executive, in the earnings release.
“However, with respect to our mortgage banking business, we expect to see elevated levels of costs and losses associated with mortgage-related issues for a while longer. Credit trends across our wholesale portfolios were stable and continued to be strong,” he added.
XLF is up 19.5% so far this year, compared with an 11% rise for the S&P 500, according to Morningstar.
Financial Select Sector SPDR
