By Nupur Anand
NEW YORK (Reuters) -JPMorgan Chase Co-CEO of investment banking Doug Petno said that investment banking revenue will grow in low double digits for the third quarter of this year. Petno also told an investor conference on Tuesday that markets revenue would grow in the high teens percentage rate for the third quarter. JPMorgan’s investment banking fees grew 7% to $2.5 billion in the second quarter. That result surpassed its guidance in May for a decline by a mid-teens percentage. Investment banking activity was led by mergers and acquisitions and debt underwriting. Market turmoil from tariff announcements also propelled the bank’s trading revenue up 15% to $8.9 billion in the second quarter, driven by gains in both fixed income and equities.
Shares were up 1.8% to $298.15 in midday trading.
(Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Nick Zieminski)
