J.P. Morgan Trading Down About 15% From Year Ago, Finance Chief Says

By Emily Glazer Features Dow Jones Newswires

J.P. Morgan Chase & Co. finance chief Marianne Lake said the bank's trading so far is down about 15% year-over-year though she won't forecast for the coming quarter.

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Ms. Lake, speaking at an industry investor presentation Wednesday, said that is a "normal seasonal decline" for the markets business from the first quarter to the second quarter.

She said fixed income so far is down and equities are up slightly, particularly corporate derivatives and prime.

Ms. Lake said she doesn't see "any particular reason" for that 15% decline so far to change in June before the quarter ends, especially given a strong June last year.

In the second quarter of 2016, trading in bonds and currencies helped push total trading revenue up to $5.56 billion from $4.51 billion a year earlier.

"We're doing decently in a reasonably challenging environment," Ms. Lake said Wednesday. "Performance is quite good but there's not a lot to trade around right now....there haven't been that many exciting events and we need a few more of them."

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Write to Emily Glazer at emily.glazer@wsj.com

(END) Dow Jones Newswires

May 31, 2017 10:28 ET (14:28 GMT)