JPMorgan Chase JPM +4.23% reported better than forecast first quarter results, proving that a sharp tumble in oil and commodity prices at the beginning of 2016 and a lull in investment banking activity was a manageable headwind for the nation’s largest bank by assets.
The bank’s consumer facing business lines such as its retail banking operations and asset management division reported stable quarterly revenues and rising profitability due to increased efficiency and a 5% decline in firmwide compensation expense. JPMorgan’s activities tilted towards corporate customers such as its investment banking and commercial banking operations reported 22% and 17% decreases in profits, respectively.
