JPMorgan’s first-quarter trading revenues were robust, with a record total for its markets group of $7.2 billion, which was 32% higher than the same period in 2019.
But although fixed income revenue rose by 34% to $5 billion and equities by 28% to $2.2 billion, some of the gains may be fleeting and insufficient to balance an expected prolonged slump in deal-making fees.
JPMorgan also now faces a dilemma over how to compensate trading staff who are able to profit from the volatility in markets caused by the onset of the coronavirus crisis.
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