J.P. Morgan Chase, the world's biggest investment bank by revenue, said trading revenue in the second quarter is likely to be about unchanged from a year ago amid charges related to taxes and accounting rule changes.
"Overall, markets revenue as we see it today will be flat year on year," Co-president Daniel Pinto said Tuesday during a conference in New York. "The core activities will be up let's say mid single digits. Then we have a series of one-offs that overall take that back down to flat."
J.P. Morgan shares fell 1.7 percent Tuesday amid a broad sell-off for bank stocks.
Pinto cited "good performance" in rates, commodities and the corporate credit business. "Equities overall we are doing fine," he added.
The charges include a $100 million quarterly hit related to a tax-oriented investment business within the fixed income division, Pinto said.
The bank produced about $4.9 billion in trading revenue in the second quarter of 2017.