-The head of markets for JPMorgan Chase & Co said on Tuesday that markets are too treacherous to update the firm’s first-quarter outlook for trading revenue.
“The markets are extremely treacherous at the moment,” Troy Rohrbaugh explained at an investor conference. “There is a lot of uncertainty. There are a lot of clients that are under extreme stress. That creates potentially very significant counterparty risk exposure.”
Turbulence stemming from the Russia-Ukraine war and related sanctions from western nations has spread across commodities especially but also through fixed income and equity markets, he said.
“It is broad-based, but clearly relating to sanctions, whether it be sanctioned counterparties, sanctioned products, unwinds,” he said.
JPMorgan had said last month that markets revenue would likely be down about 10% from a year earlier. Rohrbaugh said that the outlook had proven true through this past Friday.
(Reporting By David Henry in New York and Niket Nishant in Bangalore; Editing by Chizu Nomiyama and Nick Zieminski)