JPMorgan and Citi’s big boost in trading revenue sets the tone for rivals reporting earnings this week. Yet for all the volatility, the pecking order among the big five U.S. banks has barely changed in the past decade. johnsfoley
JPMorgan on Jan. 14 reported $28.3 billion of revenue for the final three months of 2019, a 9% increase on the same period a year earlier.
Revenue from trading securities increased 56% year-on-year to $5 billion, including an 86% year-on-year increase in fixed income trading. Chief Financial Officer Jennifer Piepszak said in December that markets-related revenue would be “meaningfully up.” Diluted earnings per share of $2.57, compared with analyst estimates of $2.35, were 30% higher than the same quarter in 2018.
Citigroup reported revenue of $18.4 billion for the quarter, a 7% increase on the previous year. Diluted earnings per share of $2.15 compared with analyst estimates of $1.84, and represented 31% annual growth. Trading revenue increased by roughly one-third to $3.4 billion, driven by a 49% increase in fixed income revenue to $2.9 billion. Equity trading revenue fell by 23%, year-on-year.
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