(Boursier.com) — JP Morgan Chase & Co regains the top step of the podium. For the first time since at least 2006, the bank generated more revenue from its equity trading business (nearly $3.1 billion) than any of its competitors. “We’ve caught up, but our goal is to be consistently number one,” Jason Sippel, head of global equities at JP Morgan, said in an interview with ‘Bloomberg’, citing record performance in derivatives and ‘exotic’ products. “There were no major transactions, but a lot of things went well.”
JP Morgan, Morgan Stanley, Goldman Sachs, Citigroup and Bank of America overall saw revenue from their equity trading businesses rise 9% in the second quarter from a year earlier, with revenue from derivatives on shares up 15%, according to data from Coalition Greenwich.
Of the nine major investment banks that have released quarterly reports so far, Credit Suisse – which posted a bigger-than-expected second-quarter loss last month and replaced its chief executive – is the most vulnerable player. trouble in this business segment. The Swiss bank, which was seriously affected by the Archegos affair, posted a 33% drop in its income from the equity markets (in dollars) to $342 million. Barclays also suffered over the quarter ended with revenues down nearly 25%.