Breaking News This Morning ...
Earnings kickoff: JPMorgan Chase surprised investors with fairly strong second-quarter results Thursday morning. The company posted a profit of $6.2 billion and managed revenue of $25.21 billion, beating analyst projections. Trading revenue surged 23% to $5.56 billion. The Financial Times published a rundown of issues to watch – including any executive comments about the Brexit – as banks roll out their earnings this month. Meanwhile, the Journal will be live-blogging details of JPMorgan's report all morning. Caution: may contain hot takes! Wall Street Journal, New York Times, Financial Times, American Banker
New York Times
Getting an edge: Banks need to become more efficient as revenues sag in the sluggish economy, according to a column in the Times. "Creating, or more likely adapting, new technology is therefore becoming all the more crucial," the article says. "Technology can help speed up decisions, improve customer service and eliminate swaths of attendant costs."
Elsewhere ...
Blockchain for the masses: Former Google engineer Paul Taylor is starting a company called Vault OS that will help banks adopt blockchain technology, Reuters reports.
New ventures: Fortune profiles Citi FinTech, a new team within the bank's consumer unit that's focused on staying relevant in the digital age. There's a lot of optimism about "The Future," but the author of the piece finds he is still unable to complete a wire transfer on his phone while at the group's Queens headquarters. The "radical evolution" in banking that many anticipate might not happen overnight.
Fair play: The Securities and Exchange Commission approved new rules Wednesday that give defendants appearing before the agency's in-house judges more time to prepare for trial and greater leeway to call witnesses. The agency's use of the administrative courts has come under fire in recent years.
