JPMorgan Chase (JPM) expects significant third-quarter growth across its investment banking and trading divisions. Co-President Doug Petno projected that investment banking fees and markets revenue will increase in the mid-to-high teens percentage range year-over-year. Petno shared these projections during the Barclays Global Financial Services Conference.
The bank attributes the bullish outlook to broad-based strength across various products and geographies. High corporate confidence is currently driving a robust pipeline for M&A activity.
JPMorgan shares rose 0.7% following the announcement. The forecast contrasted with a more cautious outlook from Bank of America and helped stabilize investor sentiment.