JPMorgan heads revenue charts in Q1
Print Edition
JPMORGAN Chase & Co was again ranked the top investment bank by revenue in the first quarter of this year with US$5.9 billion, according to a survey published yesterday.
In a repeat of last year, the US bank came ahead of rivals Goldman Sachs, Deutsche Bank, Bank of America Merrill Lynch and Citi, which all tied for second place, according to industry analytics firm Coalition.
Morgan Stanley finished sixth, while Barclays and Credit Suisse came joint seventh.
Coalition, which gives revenue figures only for the top-ranked bank in categories including equities and advisory, said JPMorgan’s investment banking revenue in the first three months fell almost 15 percent year on year.
Most investment banks have seen trading revenues slump over the past year amid a low interest rate environment and tougher regulations requiring them to hold more capital, which have driven down returns.
Several are cutting operations and jobs as a result. Barclays said last month that 7,000 jobs will go at its investment bank, while the head of investment banking at JPMorgan, Daniel Pinto, said the bank will be “laser-focused” on cost cutting.
Coalition said turnover at JPMorgan’s fixed income, commodities and currencies (FICC) division fell 25 percent in the first quarter to US$3.2 billion. The figure was enough to keep it in the top spot in FICC, alongside Deutsche Bank and Citi.
It also came joint top for equities revenue with Morgan Stanley, earning US$1.4 billion.
Goldman Sachs and Bank of America Merrill Lynch came out on top in advisory. The two earned about US$1.5 billion for their work assisting companies with mergers and acquisitions and other transactions.
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