This Is Bad News for Third-Quarter Bank Earnings
While most banks should turn in solid performances for the third quarter, there's reason to believe that revenue and profits will be weighed down by at least one ongoing trend. Over the past week, the nation's biggest banks -- specifically those with significant investment banking operations -- warned investors that revenue from trading activities is trending down.
The chairman and CEO of JPMorgan Chase (NYSE: JPM), Jamie Dimon, said at a conference this week that the New York City-based bank expects trading revenue to be down by 20% in the three months ending Sept. 30. That compares to a 14% year-over-year drop in market-related revenue at JPMorgan Chase last quarter.
JPMorgan Chase Chairman and CEO Jamie Dimon. Image source: JPMorgan Chase.
Source: Fool.com
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