JPMorgan says more trading pain to come

Trading Desk

JPMorgan Chase, the first big U.S. bank to report earnings after the third-quarter’s market tumult, missed analysts’ estimates and cautioned that trading is off to a tepid start this quarter.

Bloomberg News reports that the bank said revenue fell 6.4% in the three months ended Sept. 30, driven by a slump in trading and mortgage-banking results.

Revenue from fixed-income trading tumbled 11%, excluding the impact of selling businesses.

'So far in October, across asset classes, the markets are pretty quiet', Chief Financial Officer Marianne Lake said on a conference call after JPMorgan released results Tuesday. 'We’re only two weeks into the quarter, and it’s too early to give specific guidance, but based on those facts alone, analysts’ estimates appear high' for the rest of the year, she said.

Hit the link below to access the complete Bloomberg News article:

JPMorgan Says Trading Pain Isn't Over After Third-Quarter Slump

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