Gloomy Q3 results ahead as JP Morgan profits plummet

14 Oct 2011

The third quarter results season for investment banks got off to a worrying start this week when JP Morgan’s investment bank escaped reporting a collapse in profits only because of a $1.9bn accounting gain related to the widening of the bank’s own spreads. Given the relative strength of the firm, the tough result bodes very ill for the rest of the industry.

Commenting on the results, Jamie Dimon, chief executive, said that although investment banking revenues had fallen substantially, he was gratified that the firm remained the leader in terms of investment banking fees and that it had also maintained "a healthy share" of the global sales and trading market.

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