JPMorgan Whale Loss Leads U.S. Bank Revenue Lower, OCC Says
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The trading loss at JPMorgan Chase & Co. helped cut revenue from cash and derivative positions at U.S. commercial banks by 73 percent, compared with a year ago, the Office of the Comptroller of the Currency said.
“While both normal seasonal weakness and reduced client demand played a role, it was clearly the highly publicized losses at JPMorgan Chase that caused the sharp drop in trading revenues,” Martin Pfinsgraff, deputy comptroller for credit and market risk, said today in a statement. Commercial banks had $2 billion in trading revenue for the second quarter, the Washington-based regulator said.