Fees and Trading Surge at JPMorgan, Citigroup and BofA
Also: A subprime auto lender goes bust; the Mideast is hot for bankers
JPMorgan expects third-quarter trading revenue could climb in a “high teens” percentage from a year earlier.
Photographer: Michael Nagle/Bloomberg
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The run of upbeat earnings news continued to flow, with JPMorgan Chase, Bank of America and Citigroup all saying they expect to report gains in trading or investment banking fees for this quarter. PNC Financial’s takeover of FirstBank provided another sign that the logjam in bank M&A deals is breaking. European banks are having their own M&A party with Paschi’s acquisition of Mediobanca and potential action at ABN Amro.
Any bankers in need of personal affirmation, or maybe a raise, can take heart from the recent spate of hiring at the world’s banks and investment firms. The latest to hang out the help-wanted signs include Cantor Fitzgerald and Lazard, which are ramping up in the Middle East. If your expertise pertains to stablecoins, you’re in particularly high demand. China International Capital has created new job titles for senior investment bankers to retain talent and add paths for promotion.