Here is the memo the CEO of JPMorgan's giant investment bank just sent to staff
JPMorgan just reported third quarter earnings, with the corporate and investment bank delivering a record-breaking performance.
The firm beat analyst expectations across investment banking and trading, and had its best reported performance for a third quarter on record, as well as the highest investment bank fees on record for a third quarter, according to CFO Marianne Lake.
The unit delivered a net profit of $2.9 billion, double what it was a year ago, on revenues of $9.5 billion. The strong performance was driven by a blowout quarter in fixed income, currencies and commodities. The bank reported FICC revenues of $4.33 billion for the quarter - up 45% from the same quarter a year ago - smashing analyst expectations of $3.17 billion.
Daniel Pinto, the Argentinian chief executive of JPMorgan's corporate and investment bank, sent the memo below to staff this morning. In it, he said the performance the performance highlighted the success of the bank's strategy, and that macro and spread products businesses had their first third quarters in five years.
