JP Morgan said its private bank revenues fell by 10 per cent or $640 million in the second quarter of this year from the same period a year ago, while private wealth management revenues slipped by 6 per cent to $334 million from weaker markets, the Wall Street banking giant said.
JP Morgan said its private bank revenues fell by 10 per cent or $640 million in the second quarter of this year from the same period a year ago, while private wealth management revenues slipped by 6 per cent to $334 million from weaker markets, the Wall Street banking giant said.
Within the private banking segment, the firm said institutional revenue rose by 3 per cent to $487 million due to higher valuations of seed capital investments, largely offset by the effect of lower market levels. Meanwhile, retail revenue in this segment fell by 16 per cent to $411 million due to the effect of lower market levels and net equity outflows, partially offset by higher valuations of seed capital investments.
Across the banking group as a whole, JPMorgan reported second-quarter 2009 net income of $2.7 billion, which is an increase of 36 per cent compared with net income of $2.0 billion in the second quarter of 2008.
Related
To read the full story, visit wealthbriefing.com
Content from our partners
