(Feb 24): JPMorgan Chase & Co’s traders could pull in a quarterly haul of more than US$10 billion ($12.67 billion) for the first time.
Troy Rohrbaugh, a co-head of the firm’s commercial and investment bank, said at a company update on Monday that markets revenue in the first three months of the year could rise by a mid-teens percentage from a year ago. JPMorgan generated about US$9.7 billion in the first quarter of 2025, meaning an increase of that size would vault it over the US$10 billion mark.
Volatile markets — spurred by geopolitics and US President Donald Trump’s policy announcements — have been a boon to Wall Street’s trading desks, driving more activity among clients. JPMorgan, the biggest US bank, posted record trading revenue last year.
Rohrbaugh also said that investment-banking fees could see a similar rise, climbing by a mid-teens percentage from a year ago — or even more.
“The pipelines are very strong,” Doug Petno, Rohrbaugh’s co-head atop the commercial and investment bank, said on Monday.
Rohrbaugh and Petno were among executives speaking at a company update for investors held at JPMorgan’s new headquarters in Midtown Manhattan, which opened to fanfare late last year. A massive storm on the East Coast snarled commutes on Monday, but the event is proceeding as planned, with a streaming component.
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JPMorgan announced last year that it would shift its annual investor day back to the first quarter, after four consecutive years of holding it in May. The firm took a hiatus during the pandemic, but when the bank’s higher-than-expected expense guidance in January 2022 prompted shareholder backlash, chief executive officer Jamie Dimon decided to bring back the event.
Since it’s only been eight months since the last investor day, JPMorgan opted for a shorter “company update” this year.
In a presentation published ahead of the event, JPMorgan said it now expects to earn about US$104.5 billion in net interest income (NII) this year. That amounts to a US$1.5 billion increase from its guidance last month, tied to a higher estimate for its trading business. Outside of markets, the bank still sees earning about US$95 billion in NII in 2026.
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