JP Morganps Pinto says second-quarter trading revenue about flat from year ago

Simon Dawson | Bloomberg | Getty Images

Daniel Pinto, JPMorgan’s chief executive of corporate and investment bank.

J.P. Morgan Chase, the world’s biggest investment bank by revenue, said that trading revenue in the second quarter is likely to be about unchanged from a year ago amid charges related to taxes and accounting rule changes.

“Overall, markets revenue as we see it today will be flat year on year,” Co-President Daniel Pinto said Tuesday during a conference in New York. “The core activities will be up let’s say mid-single digits. Then we have a series of one offs that overall take that back down to flat.”

J.P. Morgan shares fell 1.7 percent on Tuesday amid a broad selloff for bank stocks.

Pinto cited “good performance” in rates, commodities and corporate credit business. “Equities overall we are doing fine,” he added.

The charges include a $100 million quarterly related to a tax-oriented investment business within the fixed income division, Pinto said.

The bank produced about $4.9 billion in trading revenue in the second quarter of 2017.