JPMorgan Sees Third-Quarter Bank Fees Up Mid to High Teens

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โดย Yahoo Finance·US·Read original
Summary · why it matters

JPMorgan co-president Doug Petno forecast that the firm's investment banking and trading fees for the third quarter will rise in the mid to high teens compared with a year earlier, sending JPMorgan stock more than 1% higher on Tuesday. Petno, who runs JPMorgan's commercial and investment bank, said clients are seeing through market volatility and the fog of uncertainty, speaking at a Barclays financial services conference in New York. The outlook places JPMorgan at the bullish end for quarterly Wall Street fees, as rivals offered more cautious views after an unusually strong first half. Morgan Stanley co-president Daniel Simkowitz said at the same conference that the third quarter is no second quarter, while Wells Fargo CFO Mike Santomassimo said investment banking fees and markets revenue should each rise roughly mid-single digits year over year. Citigroup CFO Gonzalo Luchetti said dealmaking fees are on pace for mid-single-digit growth and trading fees for low-single-digit growth, and Bank of America CEO Brian Moynihan said investment banking fees are on pace to reach $1.6 billion to $1.8 billion, down 10% to 20% from the $2 billion earned in last year's third quarter, with sales and trading flat. Petno also warned that the late-stage economy just feels too good, though he said large secular forces might make this cycle slightly different.

Impact on stocks 6

Financials▼ · 3 stocks
Bank of America Corp
BAC
▼ NegativeCapitalrelevance

BofA CEO said investment banking fees are on pace for $1.6-1.8B, down 10-20% YoY, with sales and trading flat.

Morgan Stanley
MS
± MixedCapitalrelevance

Morgan Stanley co-president said the third quarter is no second quarter, a more cautious fee view.

Wells Fargo & Company
WFC
± MixedCapitalrelevance

Wells Fargo CFO said investment banking fees and markets revenue should each rise roughly mid-single digits YoY.

Digital Finance & Tokenization▲ · 2 stocks
JPMorgan Chase & Co
JPM
▲ PositiveCapitalrelevance

JPMorgan co-president forecast Q3 investment banking and trading fees up mid to high teens YoY, the bullish end of Wall Street outlooks.

Citigroup Inc.
C
± MixedCapitalrelevance

Citigroup CFO said dealmaking fees are on pace for mid-single-digit growth and trading fees for low-single-digit growth.

Space Economy▲ · 1 stocks
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