JPMorgan Chase & Co on Tuesday released its quarterly report, which showed a better-than-expected quarterly profit after the Swiss central bank’s decision of cap removal on the franc shocked the markets and spurred trading in bonds and currencies.
Jamie Dimon, chief executive official of the bank, had in early March told investors that a volatility spike triggered higher revenues compared to the previous year. The newly-posted results are in accordance with the CEO’s announcement, with the revenues of trading surging for the first time since the financial crisis.
The bond trading revenue has witnessed severe pressure in the Wall Street in the recent times, and it’s still not clear if surges in the customer volume in the first quarter will continue to persist.
Marianne Lake, Chief Financial Officer of the bank, said that the volumes appeared to be a bit lower so far for the second quarter. She further added that ‘it is too soon to say that’.
The revenue of JPMorgan, the biggest American bank by assets, from trading fixed income, currencies and commodities (FICC) by five percent to USD 4.07 billion during the first quarter.