JPMorgan profit beats estimates on investment banking gains

Not to be outdone by Wall Street rival Goldman Sachs (GS), JPMorgan Chase (JPM) said revenues set a record in the second quarter and profit surged 36 percent, eclipsing analysts' estimates.

Powered by huge gains in its investment bank, JPMorgan posted profits of $2.7 billion, or 28 cents a share, compared with $2 billion a year ago. Analysts had been expecting net income of 5 cents a share. Earnings would have been 27 cents a share higher if not for the cost of repaying the $25 billion investment it received from the government's financial rescue program.