posted profit and revenue that exceeded analysts' expectations on a strong rebound in trading revenue at the end of 2019.
Profit in the division surged 48% to $2.9 billion, mainly on the back of the firm's traders and salespeople. Bond trading revenue surged 86% to $3.4 billion, exceeding the $2.61 billion estimate by roughly $800 million, as fixed-income desks were humming, particularly in securitized products and rates. Stock traders posted a 15% increase in revenue to $1.5 billion, compared with the $1.35 estimate.
CFO Jennifer Piepszak said last month that trading revenue was "meaningfully" higher in the fourth quarter versus a year ago. The rebound comes from the industry's' fixed-income trading operations, projected to rise 25% on average, versus a 3% bump in stock trading revenue, KBW analyst Brian Kleinhanzl wrote last month.
The firm's commercial bank posted a 9% drop in profit to $938 million as net interest income dropped and compressed margins and the bank boosted its provision for credit losses. Asset and wealth management posted a 30% increase in profit to $785 million as rising asset levels boosted results.
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