JPMorgan Chase has projected a rise in both trading revenue and investment banking fees for the third quarter, a forecast that stands in stark contrast to the cautionary note issued by Bank of America earlier this week.
During a conference hosted by Barclays on Tuesday, JPMorgan Co-President Doug Petno indicated that trading revenue for the period ending September 30th is expected to climb approximately 15% to 19% year-over-year. He also noted that the bank’s investment banking fee income is likely to see a similar level of growth.
This optimistic outlook diverges sharply from the statement made by Bank of America on Monday, which predicted that its own trading revenue for the third quarter would remain "relatively flat" compared to the same period last year.
Following Petno’s comments, JPMorgan’s share price experienced a temporary uptick of 0.9%, successfully reversing an earlier decline in the trading session.