JP Morgan disappoints as Wall Street’s dire December claims another scalp

first_img Callum Keown Tuesday 15 January 2019 2:34 pm JP Morgan disappoints as Wall Street’s dire December claims another scalp whatsapp Fixed income trading fell to $1.9bn (£1.5bn), its lowest since the financial crisis.It comes after Citi’s disappointing fourth quarter results yesterday, which saw the income at the bank’s bond trading division slashed by 21 per cent.The third-largest US bank reported a surprise two per cent fall in revenue yesterday, again due to market volatility, particularly in December.Despite volatile trading conditions, JP Morgan reported a 67 per cent rise in profits to $7.1bn, a fourth quarter record.But at $1.98 per share, it came in slightly below analysts’ expectations of $2.20 per share. whatsappcenter_img It is the first time the bank has posted quarterly profit below forecasts in 15 quarters.Annual earnings jumped 33 per cent to a record-high of $32.5 billion.“Despite a challenging quarter, we grew markets revenue in the investment bank for the year with record performance in equities and solid performance in fixed income,” chief executive Jamie Dimon said.Dimon also turned his attentions to the ongoing political turmoil in the US, and said if the government shutdown continues for the full quarter it could cut growth to zero.He said: “We urge our country’s leaders to strike a collaborative, constructive tone, which would reinforce already-strong consumer and business sentiment. Tags: Trading Archive Share “Businesses, government and communities need to work together to solve problems and help strengthen the economy for the benefit of everyone.” US bank JP Morgan saw its bond trading revenue plunge 18 per cent at the end of last year as Wall Street’s dire December claimed another major scalp.The bank – a bellwether for the financial industry – said “challenging market conditions” caused revenue declines in credit trading, rates and commodities, as it published results for the fourth quarter of 2018.last_img

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