Bumper US bank results

BANKING giant JP Morgan and investment manager BlackRock reported bumper thirdquarter results.

JP Morgan, the largest US bank, reported a £8.6bn profit, or 274p per share, up from 214p in the same period last year as it cashed in on mergers. Boss Jamie Dimon said the results came as the economy continued to show ‘good growth’.

BlackRock reported record revenues for the period of £3.7bn, up 16pc.

However, there were signs that pressures could be mounting as US inflation continued to hover near a 13-year high. Its consumer price index rose 5.4pc last month, up from 5.3pc in August.