JPMorgan Chase & Co's head of its corporate and investment banking division said second-quarter revenues for its markets unit are on track to be up more than 50% higher than the same period last year, thanks to extremely strong fixed income and equities trading revenues.
Speaking at a virtual conference hosted by global asset manager Alliance Bernstein, Daniel Pinto said he also expects investment banking fees in the second quarter to be up by a percentage in the mid- to high teens, while mergers and acquisitions will be "probably 15-20% down."
Pinto said that trading volumes, which hit record-highs across Wall Street banks in March and April, are beginning to return to more normal levels. Pinto said he expects trading volumes to ultimately finish 2020 flat from 2019.(Reporting By Elizabeth Dilts Marshall; editing by Jonathan Oatis and David Gregorio)