JP Morgan saw robust fixed income revenue in Q1 2024 across US market makers, reporting US$5.2 billion over the first three months of the year. The bank achieved top spot among its competitors despite a 7% drop in fixed income revenue YoY.
Goldman Sachs followed with US$4.3 billion in fixed income revenue, up 10% YoY, while Citi took third place with US$4.1 billion (down 10%) YoY. Bank of America recorded US$3.2 billion (down 6% YoY), Morgan Stanley US$2.4 billion (down 4% YoY). Wells Fargo trailed with US$1.3 billion, but saw a 6% increase YoY.
JP Morgan also held the lead in terms of overall revenue, recording US$41.9 billion in the first quarter. Bank of America followed with US$25.8 billion, while Citi reported US$21.1 billion. Wells Fargo reported US$20.8 billion, and Morgan Stanley recorded US$15.1 billion.
The bank also saw the greatest results in net income, seeing US$13.4 billion over the quarter. It was followed by Bank of America (US$8 billion), Wells Fargo (US$4.6 billion) and Goldman Sachs (US$4 billion). Citi reported US$3.4 billion over Q1, as did Morgan Stanley.
In spite of JP Morgan’s success to date, chairman and CEO Jamie Dimon was quick to emphasise the “number of uncertain forces” that the firm must consider going forwards.
“First, the global landscape is unsettling – terrible wars and violence continue to cause suffering, and geopolitical tensions are growing,” he said.
“Second, there seems to be a large number of persistent inflationary pressures, which may likely continue. And finally, we have never truly experienced the full effect of quantitative tightening on this scale. We do not know how these factors will play out, but we must prepare the firm for a wide range of potential environments to ensure that we can consistently be there for clients.”
©Markets Media Europe 2024
