JPMorgan’s Cavanagh Says Quarter’s Markets Revenue Is RisingChristine Harper
JPMorgan Chase & Co.’s revenue from its markets businesses, which include trading of bonds and equities, is about 10 percent to 15 percent greater so far this quarter than the year-earlier period, a senior executive said.
Michael Cavanagh, co-head of JPMorgan’s corporate and investment bank, made the remark at a conference in New York hosted by UBS AG, according to a transcript.
Revenue from markets businesses are “running about 10 percent to 15 percent higher than the second quarter of 2012,” he said. The revenue is “still down a bit from the typically strong first quarter that we just had.”
Wall Street banks’ trading units usually generate their greatest profits in the first quarter, in part because corporations raise more debt at the beginning of the year, stoking fixed-income operations. A jump in second-quarter trading earnings from a year earlier would mark a turnaround for JPMorgan after revenue from that business slipped 5.4 percent in 2013’s first three months.
JPMorgan, the largest U.S. bank by assets, rose 1.4 percent to $50.38 at 11:08 a.m. in New York. The stock has climbed 15 percent so far this year, compared with a 16 percent advance in the 24-company KBW Bank Index.