JPMorgan beats profit estimates as markets revival drives trading boom

JPMorgan Chase & Co comfortably beat Wall Street estimates for third-quarter profit on Tuesday as trading revenue surged past its own expectations on the back of a rebound in global financial markets.

Trading was a bright spot for the quarter, even as the pandemic decimated the US economy, with thousands of businesses shutting down and the unemployment rate soaring. The economic fallout of the pandemic has triggered one of the worst recessions in decades.

JPMorgan also benefited as it set aside less reserve provisions, compared with the first two quarters of the year.

Revenue from capital markets and investment banking also helped offset