JP Morgan says second-quarter trading revenue about flat from year ago

J.P. Morgan Chase, the world’s biggest investment bank by revenue, said that trading revenue in the second quarter is likely to be about unchanged from a year ago amid charges related to taxes and accounting rule changes.

J.P. Morgan shares fell 1.7 percent on Tuesday amid a broad selloff for bank stocks.

Pinto cited “good performance” in rates, commodities and corporate credit business. “Equities overall we are doing fine,” he added.

The charges include a $100 million quarterly related to a tax-oriented investment business within the fixed income division, Pinto said.

The bank produced about $4.9 billion in trading revenue in the second quarter of 2017.

source : www.cnbc.com