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JPMorgan’s investment banking head: quarterly revenues tracking 50% up from 2019

JPMorgan Chase & Co’s (JPM.N) 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.

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