Banks: J.P. Morgan & Co., the nation’s...

Banks: J.P. Morgan & Co., the nation’s fourth-largest bank group, reported second-quarter earnings of $231 million, a 12% increase from a year earlier. The New York-based company said the results “reflected good performance across all of our business activities despite a weak economic climate.” Wachovia Corp. reported second-quarter net income of $79.5 million, a 5.7% increase from a year ago. The Winston-Salem, N.C.-based company said the increase in earnings was moderated by slower business growth and higher credit losses because of a weak economy.

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