Bloomberg News reports that first-quarter revenue from fixed-income and equity trading will probably drop 15%, Chief Financial Officer John Gerspach said during an investor presentation Tuesday. That would make 2016 the fourth straight year that the company’s revenues from those operations have declined in what is typically the industry’s strongest quarter.
Revenue from investment-banking operations will tumble 25%, Gerspach said. Shares of the firm slid 3.7% to close at $41.05 on Tuesday in New York. Morgan Stanley tumbled 4.1%, Bank of America fell 3.5% and Goldman Sachs slipped 2.4%.
Banks including JPMorgan have warned shareholders the industry is wrestling with a tough quarter as low interest rates, plunging commodity prices and volatile stock markets drive customers to the sidelines.
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