JPMorgan Chase Races Towards $1 Trillion Market Cap Threshold

JPMorgan Chase is on track to become the world's first bank with a market capitalization exceeding $1 trillion, according to Wells Fargo.

The bank's share price has surged by 21% in the past three months, driven largely by its trading and M&A businesses, which have pushed the bank to record-breaking profits.

In the second quarter of this year, JPMorgan Chase achieved the highest quarterly net profit in its history, reaching $21.1 billion, up 41% year on year.

The growth of its equity trading business was a major contributor to this result, with revenue surging 86% year on year to $6 billion in the quarter.