JPMorgan Sees Strong Growth Ahead for Investment Banking Fees

JPMorgan Chase is expecting strong growth in investment banking fees and trading revenue in the third quarter, according to co-President Doug Petno.

Petno made the comments at the Barclays Global Financial Services Conference on Tuesday, where he also said that deal activity was robust and the bank's investment banking and markets businesses were seeing broad-based strength.

JPMorgan's investment banking fees jumped 30% in the second quarter from a year ago, while markets revenue surged 35%, Petno noted. He attributed this growth to clients being resilient and seeing through market volatility and uncertainty.

Petno also addressed JPMorgan's acquisition strategy, stating that the bank was constantly in the market but had a high bar for inorganic opportunities. He added that the bank was ready to opportunistically acquire if there was a market disruption at the right valuation.