'Firing on all cylinders': The CEO of JPMorgan's giant investment bank lauds performance in memo to staff (C)
- JPMorgan on Friday announced record first-half revenue for equities trading and advisory fees.
- Daniel Pinto, head of the corporate and investment bank, lauded the results in a memo to staff this morning.
It’s amazing what can be done when multiple businesses work together.
That was the message from Daniel Pinto, chief of JPMorgan’s corporate and investment bank, today in a memo he sent to staff. Earnings results for the second quarter, announced on Friday, delivered first-half revenue records for advisory fees and equity trading, as well as year-over-year increases in other units.
“Our second quarter and first half results show how impressive the CIB’s global franchise can be when it’s firing on all cylinders,” Pinto said.
The bank reaped $4 billion from trading stocks and derivatives, and another $1.2 billion from advising on mergers and acquisitions, through the first six months of this year. Those were increases of 25% and 20%, respectively. Fixed-income markets delivered another $8 billion in revenue.
Marianne Lake, the firm’s chief financial officer who spoke on a conference call with journalists, said there’s even more gains to come as the global economy hums along and industry revenue continues to grow.
JPMorgan posted earnings per share of $2.29 earlier today, exceeding the $2.22 expectation of Wall Street analysts. Net income rose 18 percent to $8.32 billion on companywide revenue of $27.8 billion.
Read the full article from it’s original source: http://uk.businessinsider.com/jpmorgan-earnings-show-investment-bank-firing-on-all-cylinders-trading-chief-says-in-memo-2018-7