Also in this playlist...
This transcript is automatically generated
This is this Imus in the morning.
-- -- -- Everyone JPMorgan Chase release its second quarter earnings a little while ago in the company's reporting net income of five billion dollars -- -- dollar 21 per share.
That's down from last year's a one dollar 27 cents but.
Those results do -- a four point four billion dollar pretax trading loss.
From the company's chief investment office.
Revenue came minutes when -- two point nine billion dollars which was better than expected.
And fox business's Adam -- is outside the bank's headquarters in New York with more Adam.
We know the conference call from JPMorgan is underway right now what's the latest on that.
Well there's two things -- gonna talk about vs the CIO trading -- -- -- -- -- the four point four billion the potential that fraud was committed.
From the earnings report in the press release this is and JPMorgan Chase the firm is recently discovered information.
That raises questions about the integrity of the -- -- and suggest that certain individuals may have been seeking to avoid showing the full amount of the losses in the portfolio during the first quarter that you mentioned Jamie Dimon is talking about that and other issues in their earnings report.
And he's saying that it's time to move bought in regards to CIO they -- actually upset that office down it will -- longer trade and synthetic credit but then there's the issue investors are raising eyebrows about forget the four point four billion dollars trading laws.
There's the moving of two point one billion from -- loss reserves to help boost the bottom line.
As well as an accounting maneuver noted that -- that debt valuation adjustment which in plain English allows the banks to book what most people would call -- loss of the game.
And Dimon actually said lend out he was -- about this that it that quotes and conservative met -- JPMorgan Chase is always is but -- accounting.
If you're an investor though you may want to know why they would move -- two point one billion promote -- preserve -- what's really going on.
With the bottom line back to you -- All right that's that in Shapira live from JPMorgan headquarters thank him.
And we're getting earnings in from Wells Fargo now that bank is reporting a profit of 82 cents a share.
Beating the estimate for 81 cents revenue up 21 point 29 billion dollars though missed the estimate for 21 point 37 billion.
Taking a look at markets now here in the US futures have been in the green across the board all morning Dow futures now up by 31.
The S&P is up by two and a half and the nasdaq's up by six and a half points.
Already here at Italy sold 3.5.
Billion euros worth of 3 year bonds this morning with a yield of four point 65%.
That was lower than the five point 3% yield -- mid June option.
And this comes after Moody's downgraded Italy's government bond rating by two notches to B double -- two from 83 maintaining a negative outlook stocks in London and in Europe in general are up across the board London's up by about -- one.
Paris is up by almost eleven and Frankfurt's up.
By fifty now let's take a closer look at what's moving those markets with -- global insight director of sovereign risk on Randolph.
Over in -- -- we got these results -- JPMorgan and Wells Fargo now what's your take on the numbers.
What -- -- to make sense on the underlying performance of JPMorgan given the accounting measures the trading losses.
-- -- -- -- -- -- -- -- -- -- -- but it.
It doesn't mean leave -- any any clearer about what the underlying performance is of the bank.
I'm with we'll have to wait and see what happens -- -- school but it is good that I saw generating profits Sunday and they.
We -- up healthy.
-- are willing to lend when he unable to lend again.
About is the fuel -- any recovery.
Including about for the US.
-- on officials in Britain say government measures to cut the budget deficit.
And reform public sector pensions have improve the country's long term economic prospects how -- -- an improvement.
Are we looking for from the UK.
While the UK bit -- the US.
We suffered from.
Back in 20072008.
With the huge black hole -- by the collapse of financial sector and -- over a property and taxes -- dependent on those -- is that is so we had gaping holes to close.
Eight surprising that the UK government not have adopted the austerity measures.
To try and reduce that structural.
Crates by to create the previous credit -- basically.
On which the government taxes -- dependent.
We are moving slowed in that direction in the -- -- markets saw.
Are giving us the benefit of the doubt given the more global -- environment.
Up our costs of very low.
But things -- at the same time window growing property unless the real -- we need to have growth coming back especially on the export side.
We'll see if they can get -- that young read up from my just global and I thank him.
Let's take a quick look at commodities oil and gold -- -- -- Imus in the morning continues right now on Fox Business.
Filter by section