JPMorgan Chase Shares Rise on Upbeat Revenue Outlook
JPMorgan Chase shares rose by 1% on Tuesday after the bank provided an upbeat revenue outlook at a Barclays conference, reversing earlier losses in the trading session.
According to JPMorgan Co-President Doug Petno, the bank expects third-quarter investment banking fees and markets revenue to be up by mid-to-high teens. This forecast is a stark contrast to Bank of America's warning earlier this week that its trading revenue would be relatively flat compared to a year ago.
Petno noted that the firm is seeing broad-based strength across all products and geographies, with a strong investment banking pipeline continuing into the quarter. He attributed the expected third-quarter revenues to a seasonal sequential decline relative to the second quarter, which was a record quarter for the bank.