Wall Street Executives Have Gloomy Outlook On Third-Quarter Trading Results

www.oann.com | 9/13/2017 | Staff
chrismpotts (Posted by) Level 3
(Reuters) – Executives from JPMorgan Chase & Co , Bank of America Corp and Goldman Sachs Group Inc warned on Tuesday that trading conditions during the third quarter were likely to be poor for their banks.

Revenue from trading of stocks and bonds continues to suffer from decreased market activity and volatility, the executives said, speaking at a conference in New York sponsored by Barclays Plc.

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Bank of America sees revenue from trading stocks and bonds likely to decline around 15 percent in the third quarter compared with the year-ago period, its chief financial officer, Paul Donofrio, said.

JPMorgan Chief Executive Jamie Dimon gave an even more downbeat forecast for his bank, predicting a 20 percent drop in trading revenue. Dimon said he may stop giving trading guidance because investors were too focused on short-term results.

Goldman - President - Harvey - Schwartz - Conditions

Goldman President Harvey Schwartz said conditions...
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