The first bank to report results overnight detailing how they handled an extraordinary quarter in markets. While fixed-income & trading revenue was very strong, JP Morgan is one of the biggest global players in the commodities markets and this cost them around ~$500m. The other area of weakness that should come as no surprise was in Investment Banking revenue, simply fewer deals completed due to the extreme market volatility. It’s always interesting to look at how these companies price current / future risks, and in the case of JPM they added another $902m to reserves which is an indication that they remain fairly nervous about the outlook.
MM is neutral JPM
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