Money center bank JP Morgan Chase scored record profits for Q1,up 33% to 6.5 billion dollars.Their credit quality also improved and they raised their dividend.On the down side,revenue dropped 3.6% to 25.1 billion because of lower interest income,as well as lower margins and higher costs in their mortgage business.
Overall,it was a good quarter at Chase.Interest income is something they have no control over.That is based on Federal Reserve policy.
We do believe in getting rid of too big to fail,said Marianne Lake,Chief Financial Officer,who is British.I've been in the financial community here at JP Morgan Chase for more than a decade.We're diligent in our work.We say what we know.We tell the truth.
It's intense to work with CEO Jaimie Dimon.We do have an open dialogue.I disagree with him now and then.
It's a really good bench.We're all old hands at JP Morgan Chase.The operations committee is a great bench,Ms.Lake emphasised.
JP Morgan Chase(JPM)