JPMorgan Trading Revenue Drops 20% This Year in Global Rout
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The JPMorgan Chase and Co. headquarters building in New York.
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Investment bank chief Daniel Pinto comments at investor day
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Revenue from advising on corporate takeovers `is holding well’
JPMorgan Chase & Co.’s investment bank said revenue from sales and trading has tumbled about 20 percent this year, providing an early gauge of the pain inflicted on Wall Street’s biggest firms by the global market rout battering investors.
The drop from a year earlier also was exacerbated by the Swiss franc’s surge in January 2015, which boosted revenue at the time, the division’s chief, Daniel Pinto, said Tuesday at the bank’s annual investor conference in New York. This quarter, lower earnings from debt and equity capital markets underwriting may contribute to a 25 percent decline in the division’s fee revenue, he said. In a filing, the bank said its securities services unit for institutional investors will probably see revenue slip about 6 percent to $875 million…
JPMorgan Trading Revenue Drops 20% This Year in Global Rout
