×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: FIN | GLOBALMACR | INDUSTRIES | MARKETS | NORTHAM | STK | TOP

JPMorgan's Dimon Warns of Bigger Trading Revenue Drop After Covid Boom

JPMorgan's Dimon Warns of Bigger Trading Revenue Drop After Covid Boom
 JPMorgan Chase chairman and CEO Jamie Dimon testifies before the House Financial Services Committee during a hearing, on Capitol Hill in Washington. (AP)

Monday, 14 June 2021 01:27 PM

 Wall Street’s pandemic-era trading boom could be drawing to a close, with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon signaling a 38% decline in trading revenue from a year ago -- a bigger drop than previously expected.

Trading revenue at the largest U.S. bank will drop to just north of $6 billion in the second quarter, Dimon said Monday at a Morgan Stanley virtual conference. That tally could end up lower than the already reduced average analyst estimate of $6.5 billion, according to data compiled by Bloomberg.

The drop comes after a year of pandemic-induced market volatility proved lucrative for the biggest Wall Street operations. JPMorgan shares dropped as much as 2% after Dimon’s comments, continuing a slide after the stock hit an all-time high earlier this month, with other bank stocks declining as well.

This quarter will be “more normal” for fixed-income and equities trading, meaning “something a little bit north of $6 billion, which is still pretty good, by the way,” he said. Investment-banking revenue, meanwhile, will be driven up by an active mergers-and-acquisitions market, resulting in what “could be one of the best quarters you’ve ever seen” for that business.

Dimon also pared back JPMorgan’s forecast for net interest income, predicting $52.5 billion this year, down from a previous estimate of $55 billion for 2021.

“I know it’s a little disappointing,” Dimon said.

© Copyright 2021 Bloomberg News. All rights reserved.


StreetTalk
Wall Street's pandemic-era trading boom could be drawing to a close, with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon signaling a 38% decline in trading revenue from a year ago -- a bigger drop than previously expected.Trading revenue at the largest U.S. bank...
FIN, GLOBALMACR, INDUSTRIES, MARKETS, NORTHAM, STK, TOP, US, WORLD, WWTOP, WWTOPAM, WWTOPAS, WWTOPEU
228
2021-27-14
Monday, 14 June 2021 01:27 PM
Newsmax Media, Inc.
More Articles
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved