Historical drop in Q2 for J.P Morgan Chase 21 July 2014New York Reporter: Catherine Van de Stouwe
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J.P. Morgan Chase has reported a 12 percent drop in markets and investor services for Q2, with revenue totalled at $5.9 billion.
Fixed income markets has a historically low level of volatility and client activity, down 15 percent compared to last year.
Equity markets also saw a drop of 10 percent drop with revenue of $1.2 billion.
There was good news for securities services, which was up 5 percent from last year, with revenue totalled at $1.1 billion by higher net income on increased deposits.
Credit adjustment and other had a revenue gain of $125 million, a drop compared to the $274 million gained in the previous year.
J.P. Morgan reported a total net income of $6 billion on revenue of $25.3 billion, down 2 percent from Q2 2013.
Jamie Dimon, chairman and CEO, commented that despite “continued industry-wide headwinds in markets and mortgage”, the firm has “continued to deliver” a strong underlying performance.
Dimon added: "Toward the end of the second quarter, we saw encouraging signs across our businesses including an uptick in wholesale utilization, strengthening pipelines in our commercial and business banking segments, and some improvements in markets activity.”
“While it is too early to assume that this momentum will continue, we have confidence in the long-term growth of the economy…my pride in the company is greater than ever."
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