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"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Private banking revenues surged at JP Morgan in the second quarter of 2012 to $1.34 billion, up from $52 million a year ago, the US banking giant said as it restated first-quarter figures and expanded on moves to recover from serious investment bank losses.

For the whole bank, JP Morgan reported net income of $5 billion in the second quarter of the year, contrasting with a loss of $471 million a year before and a re-stated Q1 figure of $36 million.

The New York-listed banking giant achieved the profit on $22.89 billion of revenues in the second quarter, contrasting with an earnings drop of $4.52 billion in the same three months of 2011. JP Morgan reported total assets under management of $1.35 trillion at the end of the quarter, compared with $1.34 trillion a year ago.

The bank said that among “peripheral” European states such as Greece and Spain, it had a net exposure of $6.3 billion at the end of the quarter. It had a Tier 1 capital ratio, as under the Basel rules, of 8.3 per cent.

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