BOND TRADING revenues dived again at JP Morgan, the bank said in its second quarter update yesterday, leading profits down eight per cent on the year.
But the giant bank's shares still bounced back as the results were not as bad as investors had previously feared - its price jumped 3.86 per cent.
Revenues at JP Morgan fell three per cent to
The bank also paid
As a result profits dropped from
By business unit, the markets and investors services arm performed particularly poorly with revenues down 12 per cent to
Fixed income revenues dived 15 per cent on the year, as the squeeze on bond traders continued - bond prices have fallen, and new regulation is cutting into margins.
Equity markets revenue also fell 10 per cent to
Profits in consumer and community banking fell 21 per cent to
But commercial banking profits increased six per cent to
JP Morgan's common equity tier one capital ratio dropped from 10.4 per cent to 9.8 per cent, though chairman and chief executive
"Toward the end of the quarter, we saw encouraging signs across our businesses including an uptick in wholesale utilisation, strengthening pipelines in our commercial and business banking segments, and some improvements in markets activity," he said.
Headcount at the bank fell 8,871 on the year to 245,192.
DIMON REASSURES INVESTORS ON HIS CANCER ? JP Morgan's chief executive and chairman
"The thing you think about most is your family, of course, as much as I love JP Morgan," Dimon said.
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