The logo of US Bank is seen atop the US Bank Tower in downtown Los Angeles July 17,2012. Los Angeles has sued US Bancorp, accusing a unit of the fifth-largest U.S. commercial bank of becoming one of its biggest slumlords and blighting the city by allowing hundreds of foreclosed homes to fall into disrepair. The lawsuit alleges that US Bank NA has taken title to more than 1,500 foreclosed residential properties in the city in its role as trustee for various mortgage-backed securities trusts.

JP Morgan, United States Bank’s giant has claimed a 13% rise in second quarter profits to $7bn supported by strong growth of loans.

It was the sharpest profit rise of three banks that reported quarterly results on Friday.

Citigroup reported a 3% fall in the profits leading it to $3.9bn. Wells Fargo made a jump with 5% increase $5.8bn.

The banks performed better than the expectations of the investors but the shares fell due to revenue in trading units.

Wells Fargo fell 1.1% which is being tied to the fake account scandals actually.

JP Morgan reported net revenue of $26.4bn for the second quarter of the year which is a 4.7% increase from the same period of the year.

‘The US consumer remains healthy’, said JP Morgan, Chief Executive Jamie Dimon.

Mr. Dimon also claimed that the decline in its revenue reflected low customer activity.

Wells Fargo saw a gradual decline in car loans as their new policies were strict.

Citigroup reported a 2% increase in net revenue staying on $17.9bn.


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