Wall Street's trading boom in the epidemic era may be coming to an end, JPMorgan ChaseChief executive Jamie Dimon hinted that trading revenue could fall 38% from a year earlier-a bigger drop than previously expected.
Dimon was at Morgan Stanley on Monday.JPMorgan's trading revenue will fall to just over $6 billion in the second quarter, JPMorgan said at a virtual meeting. That figure could end up below analysts' revised expectations of $6.5 billion (according to forecasts compiled by Bloomberg).
Earlier, the market turmoil caused by the epidemic brought opportunities for Wall Street giants to make money. JPMorgan Chase shares fell 2% after Dimon's comments, extending the decline after hitting a record high earlier this month. Other bank stocks also fell.
Dimon also cut JPMorgan's forecast for net interest income to $52.5 billion this year, down from a previous estimate of $55 billion.