This year’s market activity, including the upheaval earlier this month, has translated into strong business for J. P. Morgan Chase.
Daniel Pinto, the firm’s co-president and head of its investment bank, said trading was strong for the first few weeks of this year as clients stepped up amid the rise in volatility. Trading results could get a “high single-digit” boost for the quarter, he said during a question-and-answer session at the bank’s annual investor outlook on Tuesday.
Last month, J. P. Morgan reported fourth quarter profit that beat expectations despite a $2.4 billion charge related to tax cuts and a challenging trading environment in its investment bank.
Current economic and business conditions indicate that recession isn’t likely around the corner, according to J. P. Morgan Chase CFO Marianne Lake, who also spoke at the meeting.
“Overall, the risk of recession does not seem particularly high,” she said.
Last month, J. P. Morgan announced plans to spend $20 billion over five years to raise hourly pay for some workers, add jobs and open 400 branches in new markets.
CEO Jamie Dimon, who is expected to speak later Tuesday morning, has said the tax breaks, reduced regulation and improving business climate are creating opportunities to make these investments.
This is a developing story. Return here for updates.