Mortgages drive U.S. bank Q3 profit surge

JPMorgan Chase and Wells Fargo announced strong earnings to kick off the quarterly reporting season for the U.S.'s big banks. Homeowners in large numbers have been refinancing mortgage loans at lower interest rates. JPMorgan Chase's earnings were up 34% to a record $5.7 billion despite a "modest loss" on its London Whale derivatives trading. Wells Fargo's earnings rose 22% to 4.9 billion.