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A monster trading quarter saved the day at JPMorgan and Citigroup. But the second half of 2020 looks grim

Posted On: 14 Jul 2020   |   Posted By: Business Insider

A monster trading quarter saved the day at JPMorgan and Citigroup. But the second half of 2020 looks grim

In the first wave of bank earnings, Wall Street traders proved the difference makers.
Banks took massive hits as consumer banking faltered and they built up cushions against bad loans.
But JPMorgan Chase and Citigroup still beat expectations and turned profits, thanks in large part to stellar trading performances. At JPMorgan, trading revenues reached $9.7 billion - an all-time record.
Wells Fargo, which doesn't have significant trading operations, got shellacked and booked a $2.4 billion net loss.
But trading is already cooling off and is expected to come back to earth, which could signal a grim second half of 2020 for banks.
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Wall Street traders saved the day again.
The first wave of bank earnings results came through on Tuesday, and despite all the noise from a messy, coronavirus addled quarter, the story could be distilled to this: Banks with top-notch trading platforms sailed past the choppy waters and beat earnings expectations, and those without them...

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