But much of the investment JPMorgan is making in sales and trading is in technology.
An excerpt from Dimon's 50-page annual letter to JPMorgan shareholders:
His answer: “Trading is an absolutely critical function in modern society - for investors large and small and for corporations and governments. As the world grows, the absolute need for trading will increase globally as assets under management, trade, corporate clients and economies grow.”
The business is cyclical, he said. But “we are convinced that our clients will continue to need broad services in all asset classes and that we have the scale to be profitable through the cycle.”
Still, much of the investment we are making in sales and trading is in technology, both to adjust to new regulations and to make access to trading faster, cheaper and safer,” he said.
Hit the link below to access the complete Bloomberg News article: