JPMorgan Finally Unseats Rivals to Take Equity Trading Crown

Bloomberg2022-08-02

(Bloomberg) -- After years of just missing out on the top spot, JPMorgan Chase & Co.’s equities trading business has finally eked out the No. 1 place on Wall Street. Most Read from Bloomberg This Is ...

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Further down the ranking, a strong set of results Friday for BNP Paribas SA’s equities unit means it has overtaken Barclays Plc this quarter.\n“We’ve caught up, but our goal is to be number one consistently,” Jason Sippel, JPMorgan’s head of global equities, said in an interview, citing record performance in both flow derivatives and exotics. “There was no major transaction that drove it, but a lot of things went right.”\nThe results reflect only a three-month window, and market volatility made the second quarter lucrative for banks in general. Yet JPMorgan’s 15% jump on its results a year ago may reflect clients’ demand for its perceived stability after the implosion of Archegos Capital Management in early 2021, according to Jordan Galhardo-Burnett, head of publications and insight at BCG Expand.\n“Top banks are consolidating market share in prime services as clients have moved their balances to the largest banks for safety after the incidents,” he said. Stable management at JPMorgan’s equities desk, investment in the business and hiring of more staff have also helped, he said.\nJPMorgan, Morgan Stanley, Goldman Sachs, $Citigroup Inc(C-N)$. and Bank of America Corp. together saw equities revenue rise 9% in the second quarter compared with a year before, with equity derivatives revenue up 15%, according to Coalition Greenwich.\nArchegos Effect\nOf nine major investment banks to report so far, Credit Suisse -- which last month posted a larger-than-expected second-quarter loss and replaced its chief executive officer -- came in bottom. The bank, which was badly burned by Archegos, saw equities revenue fall 33% on a dollar-basis to $342 million in the second quarter from $509 million in the same period a year ago. \nBarclays also struggled, dropping by a quarter to $813 million, once the effect of hedging arrangements in relation to a rescission offer has been excluded. A rise in revenue at BNP Paribas saw it push past Barclays to take seventh place on that basis.\nMorgan Stanley had consistently held the top spot in equities trading for years before slipping on several occasions. From January to March 2021 it came in third, partly because the bank had lost nearly $1 billion following the collapse of Archegos.\nAt JPMorgan, it’s long been a priority for managers all the way up to Chief Executive Officer Jamie Dimon to achieve the top spot in equities trading, in line with the firm’s position on the FICC side, Sippel said. \nThe firm has spent years building out parts of the business, including prime brokerage, which services hedge funds. Troy Rohrbaugh, JPMorgan’s head of global markets, said earlier this year that the firm will continue to invest in growing its offerings and geographical footprint.\n“We’re also extremely focused on incorporating machine learning and data driven trading strategies,” Rohrbaugh said at an industry conference in March. “We plan to be a leader in the space.”\nMost Read from Bloomberg Businessweek\n\nOne of TikTok’s Biggest Stars Roasts Dudes for Their Misogyny, Racism, and Fatphobia\nAn Epic Bank Scandal in China Adds to Social Tensions Over Finance\nJazzercise Is Alive and Kicking Decades After It Got Started\nThe Buy Now, Pay Later Juggernaut Is About to Be Tested\nThe Indian Government’s Fight Against ‘Fake News’ Targets Political Dissent\n\n©2022 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2256679496"}