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JPMorgan sees mid-teens growth in third quarter fees
Livemint··16 Sept
JPMorgan co-president Doug Petno said September 15 at the Barclays Global Financial Services Conference he expects third-quarter investment banking fees and markets revenue up mid-to-high teens percent. Shares in the largest US lender closed up about 0.7 percent after his remarks. Petno cited a strong M&A pipeline. Second-quarter banking fees rose 30 percent and markets revenue 35 percent.
Prism
What It Means For You
- Investors tracking big bank earnings may read Petno's outlook as a counterpoint to weaker forecasts from peers.
- Corporate borrowers could see continued M&A advisory activity if pipelines stay robust through September.
- Trading desk revenues at JPMorgan may lift quarterly results if mid-teens growth materialises.
What's Happening
- Petno spoke at the Barclays Global Financial Services Conference on Tuesday.
- He said clients remain resilient despite market volatility.
- CEO Jamie Dimon is not stepping back, Petno told investors.
Wall Street third quarter signals
- Bank of America's weak forecast on Monday had pressured US bank stocks.
- JPMorgan elevated Petno and Troy Rohrbaugh to co-presidents in a June succession shuffle.
- Petno said the bank keeps a high bar for acquisitions despite shopping-list readiness.
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