JPMorgan see 10% decline in 4Q markets revenue from year-earlier record

NEW YORK – JPMorgan Chase & Co expects its fourth-quarter markets revenue will be down about 10 percent from a record performance a year earlier, Chief Operating Officer Daniel Pinto said on Wednesday.

Fixed-income trading is leading the decline while equity markets revenue is flat to slightly up, Pinto said at an investor conference hosted by Goldman Sachs.

Investment banking fees will be up about 30% from a year earlier.

Expenses will continue to rise in 2022 as the bank makes more investments in its business, Pinto said, adding that the bank will give details on the spending next month when it reports results.

(Reporting by David Henry in New York; editing by Diane Craft)