JP Morgan says second-quarter trading revenue about flat from year ago
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.