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Daily Dispatches: JP Morgan profits surge in Aus

JPMorgan’s local capital markets and investment banking arm has recorded a first-half profitability surge because of rapidly improving conditions. According to statements filed to the Australian Securities Exchange on Friday, JPMorgan Australia posted an $87m profit for the six months ended June 30, compared with $7m previously. (The Australian)

A year after the Lehman Brothers collapse, Commonwealth Bank chief risk officer Alden Toevs’ dissection of why things went so terribly wrong for the US financial system was blunt and to the point. (The Australian)

NAB’s planned $385m move on Challenger’s mortgage business is coming under close scrutiny from the competition regulator amid concern over the major banks’ level of control over the lending market. (Business Day)

Bendigo and Adelaide Bank Ltd has raised $121m from retail investors as part of its oversubscribed capital raising announced on August 10. (Sydney Morning Herald)

GE Capital Australia has racked up losses of $263.8m in the Australian market, with its US parent threatening to cut off its funding in 12 months. (The Australian)

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