JPMorgan and Citi on the increase

Citi Building Sign

JPMorgan Chase and Citi saw their share of investment banking revenue increase more than any of their peers in the first nine months of the year, new research showed on Thursday.

Reuters reports that among the 13 investment banks tracked by research firm Tricumen, JP Morgan and Citi each saw their share of operating revenue rise 0.7% over the period.

Tricumen partner Darko Kapor said JPMorgan's performance stemmed from continued strength in equity and debt capital markets, which are among its biggest businesses, as well as a strong third quarter in interest rates, foreign exchange, credit and equity derivatives trading, where it outpaced most peers.

Year-to-date, JPMorgan earned the most from capital markets, making operating revenue of $19.5bn, ahead of Goldman Sachs and Citi, which made $17.9bn and $15bn respectively, a Tricumen ranking showed.

The report will be welcome news to JPMorgan, which last month posted its first quarterly loss under Chief Executive Jamie Dimon, and faces over a dozen legal probes globally.

Tricumen said Citi's gains stemmed from the resilience of its fixed income, currency and commodities (FICC) trading revenues, an area where many of its competitors saw revenues battered in the third quarter.

To access the complete Reuters article hit the link below:

JPMorgan, Citi win bigger share of investment banking revenue

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