JPMorgan Chase Traders Extend Perfect Record Into Third Quarter
JPMorgan Chase & Co. (JPM) traders generated profits every day in the third quarter, extending their perfect record for 2013 as the Federal Reserve backed off plans to curtail a bond-purchase program.
Traders made more than $200 million on three days this year, JPMorgan said today in a regulatory filing. The New York-based company is the biggest U.S. lender by assets.
Wall Street has been whipsawed as the Federal Reserve debates whether the economy is strong enough to justify reducing monthly bond purchases of about $85 billion that have kept borrowing costs low. Ten-year Treasury yields, which are used to set rates for some consumer and corporate loans, rose from this year’s low of 1.63 percent on May 2 to 3 percent on Sept. 5.
Trading revenue at JPMorgan’s corporate and investment bank, run by Daniel Pinto and Michael Cavanagh, fell 2 percent to $4.69 billion in the third quarter, the bank said when it reported earnings on Oct. 11. Fixed-income trading revenue declined 8 percent to $3.44 billion from a year earlier while equity-trading revenue rose 20 percent to $1.25 billion.
To contact the editor responsible for this story: Peter Eichenbaum at firstname.lastname@example.org