Here’s the memo the CEO of JPMorgan’s giant investment bank just sent to staff

JPMorgan just reported third-quarter earnings, with the corporate and investment bank delivering a record-breaking performance.

The firm beat analysts’ expectations across investment banking and trading, and had its best performance on record for a third quarter, as well as the highest investment bank fees on record for a third quarter, according to CFO Marianne Lake.

The banking and trading unit delivered a net profit of $2.9 billion – double what it was a year ago – on revenues of $9.5 billion.

The strong performance was driven by a blowout quarter in fixed income, currencies, and commodities. The bank reported FICC revenues of $4.33 billion for the quarter – up 45% from the same quarter a year ago – smashing analysts’ expectations of $3.17 billion.

Daniel Pinto, the chief executive of JPMorgan’s corporate and investment bank, sent a memo to staff this morning, saying the performance highlighted the success of the bank’s strategy, and that macro and spread products businesses had their best third quarters in five years:

source
Matt Turner

source
Matt Turner