The elite wall street investment banks smashed earning expectations on Tuesday, while the American worker struggles with rising consumer good prices due to President Joe Biden’s inflation.
JPMorgan Chase posted “second-quarter earnings of $11.9 billion, or $3.78 per share, which exceeded the $3.21 estimate of analysts surveyed by Refinitiv,” CNBC reported.
Goldman Sachs also “reported second-quarter earnings of $15.02 per share, topping analysts’ expectation of $10.24 earnings per share,” CNBC continued, “The bank posted its second-best ever quarterly investment banking revenue as a rush of IPOs hit Wall Street last quarter.”
The investment banks shattering expectations comes as the American worker is shouldering inflation at a 13 year-high.
The Labor Department on Tuesday released its Consumer Price Index for June, showing that prices rose 0.9 percent in the past month. The price hike in June marked the largest 1-month increase since June 2008.- READ MORE
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