JPMorgan reported record profits in the second quarter, buoyed by different areas of the business, particularly banking fees from large IPOs.
Reuters detailed that revenue rose in all business unit, with investment banking soaring as a result of the bank underwriting the IPO of Elon Musk's SpaceX.
"This strength is being supported by several tailwinds, including AI-driven capital investment, fiscal stimulus and the benefits of more efficient regulation," said JPMorgan CEO Jamie Dimon.
Speaking to analysts after the results, Dimon was asked if the bank was underselling the impact of AI in the bank's operations.
"We fully expect it will have huge efficiency in certain parts of the company," noting that it has "discrete areas where we did reduce jobs by 30% or 40%" as a result of increased AI use.
Elsewhere, the company said its only miss, the fixed income trading business, was largely a result of tensions related to the war in Iran.
"On the commodities front, obviously it's been a very complicated situation in energy and oil, particularly what's going on in the Strait of Hormuz," said company CFO Jeremy Barnum.
Dimon, on his end, said the global economy has shown resilience despite the ongoing clashes.
"It's fair to say that the global economy has probably been more resilient than people would have expected, including us," he noted.
"It does not mean there's not a tipping point," Dimon noted, but said "it just may be further out."
Tensions have kept rising over the past days. President DonaldTrump formally notified Congress that "military action" against Iran restarted last week, CBS News detailed. A letter says strikes are "limited, measured, planned, and executed in a manner designed to minimize civilian casualties." The goal is to target Iranian military sites posing a threat to U.S. forces and commercial shipping.
Trump said the U.S. will "take out" Iran's Pickaxe Mountain, which houses compounds believed to be able to resist the country's most powerful bunker buster bombs.
Speaking on the Hugh Hewitt Show, Trump said that Iranians should be "ready" for an attack against the compound.
"We see no activity there. They're not doing well with their nuclear situation. Every time we hear about it, we blow it up. So they don't like talking about it. But we'll probably give Pickaxe a shot relatively soon," Trump claimed.
Reuters detailed that the compound is located near Natanz, Iran's nuclear facility that has been heavily damaged by U.S. bombings from the 2025 war. It hosts two tunnel complexes experts believe can't be reached by the U.S.'s most powerful bunker buster bombs.
