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Topical Highlights in Today's Bank Earnings (2/3)

EQUITIES

On Markets performance across the quarter:

  • Wells Fargo : Markets revenue higher by 33% Y/Y, driven by structured products, equities, credit and commodities. Offset by lower trading revs in rates.
  • JP Morgan : Markets revenue up 2%, with Fixed Income revenue up 8%, driven by Securitized Products, but partially offset by lower revenue in Rates. Equities down 8%, driven by lower revenue in Derivatives and Cash.
  • Bank of America : Sales, trading rev up 3%, led by equities revenue (up 13%), but offset by softer FICC (down 4%) – driven by weaker trading in rates and credit, but offset by improved trading mortgages and municipals.

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