JPMorgan's higher second-quarter earnings are good news for other brokers, which had been guiding expectations lower, Paul Miller, FBR Capital Markets managing director, told CNBC Thursday.
"This is really good for the Goldman Sachsesand Morgan Stanleysof the world," he said of the JPMorgan results. "I think what is going on right now is the broker-dealer side is carrying the day" over the banking side.
(Not every analyst shares that view, as you can see here.)
JPMorgan on Thursday reported higher second-quarter profits, boosted by lower costs for bad loans.