Swing high, swing low

18 January 2006 By Antony Currie Follow @AntonyMCurrie

Trading revenue fell 63% in the last quarter. Yet other investment banks have delivered much more stable returns from this line of business. JP Morgan s new chief, Jamie Dimon, should prioritise getting to grips with the problem.

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JP Morgan Chase reported fourthquarter and fullyear results on Tuesday morning. Revenues for the fourth quarter were 5% below third quarter results. Net income in increased 7%.

Cost cuts and a $752m aftertax gain on selling BrownCo, its online brokerage, to E*Trade Financial, helped the bank overcome increased creditcard losses stemming from the new personal bankruptcy laws. Fee revenues from underwriting and advisory at the investment bank rose 18%, but trading revenues, including trading net interest income, fell 63% from the fourth quarter.

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