JPMorgan, BofA Chiefs Forecast Fourth-Quarter Trading Gains
- U.S. election spurs rethinking on interest rates, growth
- Dimon sees trading revenue up at least 15% this quarter
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JPMorgan Chase & Co. and Bank of America Corp., the two biggest U.S. banks, forecast fourth-quarter trading gains after the U.S. election roiled markets and upended expectations for interest rates and economic growth.
Trading revenue is up at least 15 percent at JPMorgan compared with the same period last year, Chief Executive Officer Jamie Dimon said Tuesday at a conference in New York. Brian Moynihan, CEO at Bank of America, said at the same event that fixed-income sales and trading revenue at his company is up about 15 percent. He didn’t provide an overall trading figure.