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

By Emily GlazerFeaturesDow 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.

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.

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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."

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

(END) Dow Jones Newswires

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