Here’s what’s been happening on Wall Street overnight

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

Big bank bosses are brushing off trade war concerns

Executives from the biggest US banks on Friday brushed off concerns that Trump’s trade war was biting into economic growth or corporate earnings.

“If you’re looking for potholes out there, there are not a lot,” JPMorgan Chase CEO Jamie Dimon said on a second quarter analyst call on Friday. He did acknowledge, however, that consumer and business confidence levels coming off their highs may have been due to trade concerns.

Even more, worries over trade may have boosted the bank’s results by increasing uncertainty and enflaming market volatility that led to increased trading business. Dimon’s bank posted record earnings for the second quarter and JPMorgan finance chief Marianne Lake said on the same call that ironically, economic uneasiness has given clients more reasons to rebalance their portfolios and trade.

CEO of JPMorgan’s giant investment bank lauds performance in memo to staff

It’s amazing what can be done when multiple businesses work together.

That was the message from Daniel Pinto, chief of JPMorgan’s corporate and investment bank, today in a memo he sent to staff. Earnings results for the second quarter, announced on Friday, delivered first-half revenue records for advisory fees and equity trading, as well as year-over-year increases in other units.

“Our second quarter and first half results show how impressive the CIB’s global franchise can be when it’s firing on all cylinders,” Pinto said.

Elon Musk blames Tesla’s Model 3 production issues on being ‘naive’

In an interview with Bloomberg, Tesla CEO Elon Musk said “we were huge idiots and didn’t know what we were doing” when attempting to redesign Tesla’s production process for the Model 3.

Musk had hoped to make vehicle production faster and less expensive by significantly increasing the amount of automation Tesla used in its factories. But the company struggled to increase automation and production capacity at the same time after launching its Model 3 sedan.

Musk has previously said that Tesla tried to automate tasks that were better suited to humans and that the company struggled with production bottlenecks caused by machines that didn’t work as expected and had to be replaced by humans.

In markets news


NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.