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JPMorgan Now Biggest Fee Earner

By Marc Davis   |   Tuesday, 30 Jun 2009 01:04 PM

Winner and undisputed champion is JPMorgan Chase, knocking out all rivals to earn the most fees and commissions for the first two quarters of this year.

The colossal Wall Street firm collected $2.4 billion in fees, according to Dealogic, a firm which tracks market data.

JPMorgan rival Bank of America-Merrill Lynch previously held the title as the top fee earner.

Driving earnings for JPMorgan were fees garnered from arranging the sales of stocks and bonds, equity underwriting and from its work on various mergers internationally.

Despite JPMorgan's fat bottom line, fees were down 2 percent from last year, according to Decalogic.

Still, the firm's performance so far this year is extraordinary in an industry in which

fees declined overall by 30 percent since January.

When the government chose JPMorgan to buy faltering Bear Stearns and Washington Mutual, it gave the firm a strong advantage in a weak market. CEO Jamie Dimon was quick to exploit that edge.

Dimon said he built a "fortress balance sheet" and instead of taking more government money to beef up reserve capital, JPMorgan paid off its government debt of $25 billion in June.

Investors responded to JPMorgan's good news by boosting its shares some 8 percent this year and some bullish analysts have tabbed the stock as a "buy."

Flush with cash, JPMorgan will pump $1.1 billion into Arden Asset Management LLC, a new partnership venture in managing absolute return programs, The Wall Street Journal reported.

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Winner and undisputed champion is JPMorgan Chase, knocking out all rivals to earn the most fees and commissions for the first two quarters of this year.The colossal Wall Street firm collected $2.4 billion in fees, according to Dealogic, a firm which tracks market...
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