JPMorgan Joins Bank of America in Perfect Record for First-Quarter Trading
JPMorgan Leads $2.9 Billion of Commercial-Mortgage
JB Reed/Bloomberg
Signage is displayed outside of JPMorgan Chase & Co. headquarters in New York.
Signage is displayed outside of JPMorgan Chase & Co. headquarters in New York. Photographer: JB Reed/Bloomberg
JPMorgan Chase & Co. (JPM), the second- largest U.S. bank by assets, joined Bank of America Corp. (BAC) in reporting a perfect trading period in the first quarter.
JPMorgan’s revenue linked to market risk was higher than $160 million on seven of the period’s 64 trading days, the New York-based lender said today in a filing with the U.S. Securities and Exchange Commission. The average daily revenue was $112 million, according to the filing.
The firm, led by Chairman and Chief Executive Officer Jamie Dimon, 55, had $6.64 billion in sales and trading revenue in the first quarter, second only to Goldman Sachs Group Inc. (GS) among the biggest U.S. banks. JPMorgan posted perfect trading periods in three of four quarters last year.
Markets were affected during the first quarter by Japan’s worst earthquake on record and a resulting tsunami and nuclear crisis, which triggered the biggest three-day climb in the Chicago Board Options Exchange Volatility Index since May 2010 and an 18 percent drop in the Nikkei 225 Index.
Last year, the bank had eight days of trading losses, a feat that Jes Staley, 54, CEO of the investment bank, said in February he didn’t expect to repeat. Including other market- related risks, the bank had 13 days of losses in 2010, according to its annual report.
JPMorgan’s figures may not be directly comparable with other banks’ because they also include market risk besides trading, such as principal transactions in its chief investment office and some mortgage fees and hedges.
Bank of America’s trading-related revenue was positive every day and exceeded $25 million on 98 percent of days during the year’s first three months, according to a filing yesterday by the Charlotte, North Carolina-based firm. In 2010, it had gains on 90 percent of trading days, with perfect records in that year’s first and third quarters, according to previous filings.
To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net.
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net
Rate this Page