JPMorgan Stock Traders Reel In Windfall as Trump Whipsaws Market.
A chaotic run in stock markets is unleashing a windfall for banks’ equities traders. JPMorgan Chase & Co. (JPM) is on track to boost revenue from equities trading by more than 30% this quarter from a year earlier, according to people with knowledge of the matter. If the trajectory holds, the firm would surpass its $3.3 billion record set four years ago.
Such a trend could spell even bigger bounties at Goldman Sachs Group Inc. (GS) and Morgan Stanley, (MS) which typically vie for the industry’s stock-trading crown. While JPMorgan’s increase is particularly steep, Goldman’s equities unit is also running ahead of its pace last year, when it reaped $3.3 billion in the first three months, the people said, asking not to be named because they weren’t authorized to speak publicly.
Market swoons set off by President Donald Trump’s abrupt policy announcements are — for banks, at least — creating a rare bright spot amid signs of economic trouble. But the gyrations have tripped up hedge funds, stalled dealmakers’ talks on prospective mergers and shaken consumer confidence.
Source: FINANCE.YAHOO