JPMorgan’s Rohrbaugh Says Clients Under ‘Extreme Stress’
- Firm’s markets revenue down 10% this quarter through Friday
- ‘The markets are extremely treacherous,’ Rohrbaugh says
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JPMorgan Chase & Co.’s trading head said that a lot of clients are under “extreme stress” tied to the impact of Russia’s invasion of Ukraine and resulting sanctions from the U.S. and European Union.
At JPMorgan, markets revenue was down 10% this quarter from a year earlier as of Friday, but “things have changed a lot since then,” Troy Rohrbaugh, the firm’s global head of markets, said Tuesday at the RBC Global Financial Institutions Conference. The New York-based bank won’t give further trading guidance for the quarter, he said.