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JPMorgan Traders Are Perfect: Made $80Mn a Day in 2016
[Photo: JPMorgan Tower in Dallas; by Joe Mabel / Wikimedia Commons]
JPMorgan had a perfect year in trading in 2016. The bank didn't have a single day of losses in the markets, and the markets business generated $80 million in revenues a day on average - up from $70 million in 2015. JPMorgan generated around $21 billion in fixed income and equity sales and trading revenues in 2016. Market volatility was broadly flat, meanwhile.
Daniel Pinto, CEO of the corporate and investment bank, said the bank spends a lot of time discussing the appropriate level of risk it should run.
"We need to take the amount of risk necessary to provide liquidity in any kind of market conditions," he said. "If we try to be smarter and take a punt to drive excess profitability, we will find ourselves in a bad place."
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