Banks Tumble After BofA, JPM Warn Revenue Will Be Down As Much As 15%
by Tyler Durden
ZeroHedge.com
May 31, 2017
The collapse in volatility is finally trickling up to the big banks.
Moments ago, JPM CFO Marianne Lake speaking at a Deutsche Bank conference in New York, warned that contrary to expectations for an ongoing rebound in revenue and profits, the bank’s second quarter revenue has been 15% lower from a year ago. And while she said that US economic figures are “solid, not stellar”, she blamed the same thing that has been the nightmare of daytraders everywhere: collapsing volatility.
From the newswires
JPMORGAN 2Q MARKET REVENUE HAS BEEN DOWN ABOUT 15 PERCENT FROM YEAR EARLIER, CFO SAYS
JPMORGAN CFO SAYS MARKET REVENUE LOWER ON LOWER VOLATILITY THAN YEAR EARLIER
JPMORGAN CFO: LOW RATES, LOW VOLATILITY HAVE LEAD TO LOW CLIENT FLOWS
JPMORGAN CFO: DOESN’T SEE REASON 2Q TREND WOULD CHANGE IN JUNE
It wasn’t just JPM: while it did not give a specific range, Bank of America CEO Brian Moynihan also warned that Q2 trading revenues will be lower than a year ago.
The Rest…HERE
