JPMorgan Had Perfect Trading During Q3

From Bloomberg:

JPMorgan Chase & Co. racked up a perfect trading record for the second time this year, making money every day last quarter after accomplishing the same feat in the first three months of 2010.

Cumulatively, the results mean the New York-based bank made more than $200 million on 12 days in the first nine months and lost money on only eight, JPMorgan said today in a regulatory filing.

JPMorgan, the No. 2 U.S. lender by assets, follows Bank of America Corp. in reporting a perfect record for the quarter. Goldman Sachs Group Inc., which makes the most revenue on Wall Street trading stocks and bonds, had losses in that business on two days during the third quarter while Morgan Stanley reported 10 losing days for the period.

Trading revenue at eight of the biggest Wall Street firms declined an average 12 percent through September from the same period a year ago. Goldman Sachs generated 69 percent of revenue this year from trading, and said third-quarter trading results declined 36 percent. The seven days that New York-based Goldman Sachs made more than $100 million last quarter were the fewest since the fourth quarter of 2006.

Morgan Stanley said yesterday it made more than $100 million on one day last quarter, versus 18 days in the third quarter of 2009.

Morgan Stanley, also based in New York, had $1.43 billion in total sales and trading revenue for the third quarter, the lowest since the first quarter of 2009. Excluding losses and gains tied to its own credit spreads, Morgan Stanley generated $1.31 billion from trading fixed-income products, down 24 percent from the second quarter.

Posted by on November 9th, 2010 at 11:02 am


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