Bond traders are crushing it
Thomson Reuters
JPMorgan and Citigroup both announced first quarter earnings on April 13, posting better than expected trading revenues.
At JPMorgan, markets and investor services revenue, at $6.5 billion, were up 13% year-on-year, with the fixed income, currencies, and commodities business enjoying a strong start to the year. Revenues in that business were up 17%, with the bank citing strength in securitized products, rates, and credit.
In February, the bank had said it expected only a modest bump in trading revenues. On a call with the media, CFO Marianne Lake said that while January had been strong, February was quiet with very low levels of volatility. "That changed to a degree in March," she said.
At Citigroup, fixed income revenue totaled $3.62 billion, up 19% year-over-year, ahead of the expectation for $3.52 billion. That's the highest level of fixed income revenues in three years. Citigroup cited strength in both rates and currencies and spread products.
The results set the scene for a strong year for fixed income, currencies and commodities. That business has struggled through the past few years in a period of increased regulation and reduced volatility.
However, 2016 saw a rebound in industry revenues. It looks like 2017 may continue that trend.
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