Banks Stung by ‘Volatile Volatility’ as Fixed-Income Drops
This article is for subscribers only.
Big banks have been begging for volatility. Just not the kind they got last quarter.
JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. posted their worst combined quarterly trading revenue since 2011, led by a 23 percent drop in fixed-income, currencies and commodities, or FICC. That contributed to the first annual decline in aggregate net income for the three biggest U.S. banks since the financial crisis. Their stocks fell.