JPMorgan's Pinto Says Fourth-Quarter Trading Revenue Flat So Farby
JPMorgan Chase & Co.’s corporate and investment bank head, Daniel Pinto, said fourth-quarter trading revenue is roughly unchanged from a year earlier, excluding the impact of the company’s decision to exit some commodities businesses.
Macro trading businesses such as rates were stronger performers compared with credit, Pinto said Tuesday at a conference in New York. Equities volume has declined in the fourth quarter, he said. Pinto also reiterated guidance given last month by Chief Financial Officer Marianne Lake, saying that trading revenue is heading for a 15 percent drop from the third quarter.
“October was a bit more challenging for us and the clients, with weaker client volumes,” Pinto said. “There has been some growth and improvement in November.”