The bank reported Q2 financial results, showing a dip in asset and wealth management net income.

JP Morgan said that net income at its assets and wealth arm was $719 million in the second quarter of this year, a fall of 5 per cent on a year earlier.

Net revenue stood at $3.6 billion, broadly unchanged from a year ago, as the impact of higher average market levels was offset by lower investment valuation gains.

Non-interest costs stood at $2.6 billion, rising by 1 per cent, driven by continued investments in advisors and technology, partially offset by lower distribution fees. Assets under management were $2.2 trillion, up by 7 per cent, driven by inflows into both long-term and liquidity products and the impact of higher market levels. Clients assets in total were just under $3.0 trillion.

Across the whole banking business, net income for the group was $9.652 billion in Q2, a rise of 16 per cent year-on-year. Earnings per share, at $2.82 per share, rising by 23 per cent on a year before.