JPMorgan Third-Quarter Trading Revenue May Decline 5%Michael J. Moore and Dawn Kopecki
JPMorgan Chase & Co., the biggest U.S. bank, expects third-quarter revenue from stock and bond trading to be unchanged to down as much as 5 percent from a year earlier.
Trading revenue is “tracking well versus the third quarter of last year, but September last year was particularly strong and we don’t expect it to be as strong as last year,” Chief Financial Officer Marianne Lake said at an investor conference in New York today.
JPMorgan, which generates the most revenue from trading of any bank, produced $4.77 billion in last year’s third quarter. That suggests a minimum of $4.53 billion for the current period, which would be a 16 percent drop from the second quarter.