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JPMorgan's investment banking head: quarterly revenues tracking 50% up from 2019

Published 05/27/2020, 05:55 PM
Updated 05/27/2020, 06:15 PM
© Reuters. A view of the exterior of the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York
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By Elizabeth Dilts Marshall

NEW YORK (Reuters) - JPMorgan Chase & Co's (N:JPM) head of its corporate and investment banking division said second-quarter revenues for its markets unit are on track to be up more than 50% higher than the same period last year, thanks to extremely strong fixed income and equities trading revenues.

Speaking at a virtual conference hosted by global asset manager Alliance Bernstein, Daniel Pinto said he also expects investment banking fees in the second quarter to be up by a percentage in the mid- to high teens, while mergers and acquisitions will be "probably 15-20% down."

© Reuters. A view of the exterior of the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York

Pinto said that trading volumes, which hit record-highs across Wall Street banks in March and April, are beginning to return to more normal levels. Pinto said he expects trading volumes to ultimately finish 2020 flat from 2019.

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