Quarterly Earnings, Jp Morgan Chase | featured news

Two of the nation's largest banks released third-quarter results that suggest the U.S. housing market, a key factor in the nation's economic performance, is bouncing back as mortgage rates hit record lows and home refinancings surge.

Finally moving beyond a trading debacle that has stained his once-stellar reputation, Jamie Dimon, JPMorgan Chase’s chief executive, on Friday trumpeted a strong quarter of earnings stemming from a surge in mortgage lending.

JPMorgan Chase on Thursday formally revised its first-quarter financial results to show a lower profit, after deciding that traders at its main investment arm had overstated the value of certain derivatives.