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JPMorgan and Wells Fargo Experience Third Quarter Profit Increase
Mortgage News > JPMorgan and Wells Fargo Experience Third Quarter Profit Increase
Both JP Morgan and Wells Fargo experienced third quarter growth compared to this time last year. Both leading lenders have benefitted from the increase in borrowers purchasing as well as refinancing due to record low interest rates.
JP Morgan reported a 34% increase in earnings from last year going on record with a net income of $5.71 billion, up from last year’s recorded third quarter earnings of $4.26 billion.
Wells Fargo reported a 22% increase in comparison to last year’s third quarter earnings. The nation’s largest mortgage lender finished this year’s third quarter with a net income of $4.94 billion compared to last years $4.06 billion.
JPMorgan’s Chief Executive Jamie Dimon said, “We believe the housing market has turned the corner.”