JPMorgan Debt-Trading Revenue Plunges to Lowest Since Crisis

Fixed-income results slide 18% in volatile fourth quarter
Loan-loss provisions climb more than analysts expected

Bloomberg Intelligence’s Alison Williams and Gerard Cassidy of RBC Capital Markets break down JPMorgan’s results(Source: Bloomberg)

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By Michelle F Davis

January 15, 2019 at 12:10 PM UTC

Updated on

January 15, 2019 at 3:33 PM UTC

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JPMorgan Chase & Co.’s bond traders just reported their worst quarter in a decade a day after Citigroup Inc. said it was also pummeled by market turmoil.

Revenue from fixed-income trading, typically the biggest contributor to the company’s markets business, plunged 18 percent in the fourth quarter to the lowest since the depths of the financial crisis as wild markets kept clients on the sidelines. The drop more than outweighed an increase in equity-trading revenue and advisory fees, making for the corporate and investment bank’s worst quarter in three years.