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Record $21.2B quarterly profit on trading, not just rates — JPMorgan's diversification is the moat

$JPM Q2 2026: net income $21.2B, the highest quarterly profit in the bank's history. Net interest income $25.6B (+10%). Markets revenue $12.1B, a new quarterly trading record — Equity Markets revenue alone jumped 86% YoY to $6.0B, Fixed Income +6%. Also got a $4.6B gain on the Visa stake. Raised full-year NII guidance to ~$105.5B from $103B. A bank this size posting an 86% YoY jump in equities trading revenue on top of record NII is the definition of a diversified earnings engine — this isn't a one-factor rates story anymore.
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  • u/capex_carla
    One-time Visa stake gain inflating headline net income is worth flagging before people extrapolate $21B/quarter forward
    8
  • u/compute_cole
    Equity markets revenue +86% YoY is doing a lot of the heavy lifting here, curious how repeatable that is next quarter
    7

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