JP Morgan and Wells Fargo post big jump in profits

JP Morgan has recorded a profit of $6.5bn (£4.3bn) for the second quarter of 2013, up 31% from a year ago.

JP Morgan's steep rise in profits was flattered by the heavy losses controversially incurred by the US banking giant's chief investment office last year.

Dubbed the "London whale", trader Bruno Iksil ran up $6.2bn in losses in total.

Separately, Wells Fargo reported a 20% rise in quarterly profits to $5.27bn as it set aside less money for bad loans.

Read more... 'Strong performance'