JPMorgan Chase and Bank of America had perfect trading records in the first quarter, making money on every day of the period, as Morgan Stanley posted losses in eight sessions.
One daily gain at JPMorgan exceeded $200m as the biggest U.S. bank by assets recovered from last year’s London Whale derivatives loss, the New York-based company said yesterday in a regulatory filing.
JPMorgan Chairman and CEO Jamie Dimon, 57, has overhauled risk controls and shuffled top managers ahead of the bank’s annual meeting on May 21, when shareholders will decide whether to split his two jobs.
The firm hadn’t posted perfect results since the first quarter of 2011, before trader Bruno Iksil built an unmanageable position of credit derivatives that led to more than $6.2bn in losses last year.
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