Dimon Says JPMorgan Trading Revenue on Pace for 20% Decline
- CEO says he may end quarterly trading-revenue guidance
- JPMorgan’s decline deeper than Citigroup, BofA projections
Jamie Dimon
Photographer: Marlene Awaad/BloombergThis article is for subscribers only.
JPMorgan Chase & Co.’s trading revenue is on pace to drop about 20 percent in the third quarter from a year earlier, Chief Executive Officer Jamie Dimon said.
Last year’s third quarter was “particularly good,” Dimon said Tuesday at an investor conference hosted by Barclays Plc in New York. Back then, the firm posted $5.7 billion of markets revenue, a 33 percent increase driven by fixed-income desks. The projected decline would be JPMorgan’s worst for the July-through-September period since 2011, and is bigger than the 15 percent drop Citigroup Inc. and Bank of America Corp. have forecast.