JPMorgan Chase shares rose after Co-President Doug Petno told a Barclays conference that third-quarter investment banking fees and markets revenue should climb by mid-to-high teens. The forecast reversed the stock's earlier losses and stood in sharp contrast to Bank of America's warning that its own trading revenue would stay flat.
JPMorgan Chase shares rose 1% on Tuesday, reversing earlier losses in the session after the bank gave an upbeat revenue outlook at a Barclays conference. Co-President Doug Petno told the conference that JPMorgan expects third-quarter investment banking fees and markets revenue to be up mid-to-high teens.
The forecast marks a sharp contrast to Bank of America's warning earlier this week that its trading revenue would be relatively flat compared with a year ago. Petno said JPMorgan is instead seeing broad-based strength across all products and geographies, and he added that management sees a strong investment banking pipeline continuing into the quarter.
According to Investing.com: "We started this quarter with a strong pipeline that continues," Petno said at the conference.
Petno said the expected third-quarter revenue would still reflect a seasonal sequential decline relative to the second quarter, which was a record quarter for the bank. He nevertheless characterized the outlook as a strong quarter for both markets and banking, echoing the same broad-based strength he described across the bank's product lines and geographies.
Source: Investing.com
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