JP Morgan confirmed that they expect trade revenues to decline in the third quarter, mainly due to the impact of US tax reform.
Chief Financial Officer of the bank, Marianne Lake, said revenue from trading would continue to decline in the future. Investment banking fees, the other major link of most Wall Street companies, which includes advisory services, will remain unchanged with declining potential, Lake said.
The news coming from Wall Street's biggest revenue company is being accepted as a beacon for the entire banking sector and traders have started to accumulate that.
Source: CNBC
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