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Banks Report Record $42 Billion Profit in Second Quarter

U.S. banks reported a record net income of $42 billion between April and June. At JPMorgan Chase, profits increased by 31 percent to $6.5 billion in the second quarter. That means the bank made on average more than $70 million a day during that period. Meanwhile, CNN Money reports the nation’s five biggest banks are on track to pay out $127 billion in total compensation, including at least $23 billion in bonuses, this year.

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