JPMorgan, the biggest U.S. bank, and Wells Fargo both reported a drop in second-quarter profit, while Citigroup posted a rise in earnings, driven in part by the lender's cost-cutting measures.

JPMorgan, the biggest U.S. bank, and Wells Fargo both reported a drop in second-quarter profit, while Citigroup posted a rise in earnings, driven in part by the lender’s cost-cutting measures.