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What just happened at J.P. Morgan reveals how fragile and opaque the banking system continues to be, why Glass-Steagall must be resurrected, and why the Dallas Fed's recent recommendation that Wall Street's giant banks be broken up should be heeded.

NEW YORK (By Jonathan Stempel) - Bank of America Corp has won tentative approval of a $410 million settlement of lawsuits accusing it of charging ...

This story was updated at 6:00 p.m. ET. JPMorgan Chase, the second-largest U.S. bank by assets, reported a 23 percent increase in profit Wednesday, t...

NEW YORK — JPMorgan Chase & Co. reported a $3.3 billion first-quarter profit on big gains in the financial markets even as the Obama administrat...

NEW YORK — JPMorgan Chase & Co. reported strong third-quarter earnings Wednesday as its thriving investment banking business more than offset rising loan losses that the bank warned would continue for the foreseeable future.

JPMorgan, the first of the big banks to report earnings for the July-September period, reported a $3.59 billion profit but also said it roughly doubled the amount of money it set aside for failed home and credit card loans in the quarter.

The bank's stock rose on the news, helping to lift the overall market and send the Dow Jones industrials above 10,000 for the first time in a year. Still, JPMorgan's performance shouldn't be taken as a forecast for how well other banks did during the quarter. Many financial companies don't have such big investment banking operations, which includes trading of stocks and bonds and allowed JPMorgan, the nation's largest bank by assets, to overcome its loan losses.

Bart Narter, a senior vice president at consulting firm Celent, said JPMorgan's results showed a clear trend that "Wall Street is picking up quite smartly, while Main Street continues to suffer."

Banks including JPMorgan have predicted for some time that their loan losses would keep rising. And in JPMorgan's earnings statement, CEO Jamie Dimon confirmed that this trend continues.

NEW YORK — JPMorgan Chase & Co.'s $3.28 billion profit report carried a sobering message: Consumers are still struggling to pay off their loans,...