JPMorgan Expects Third-Quarter Gains in Investment Banking, Markets -- WSJ

By Jasmine Li

JPMorgan Chase is expecting growth in the "mid- to high-teens" for both investment-banking fees and markets revenue in the third quarter compared with the year-ago period, co-president Doug Petno said Tuesday.

-- "In investment banking...we started the year with a strong pipeline, we started this quarter with a strong pipeline," Petno said at a financial services conference hosted by Barclays. "And that continues."

-- Petno said the bank, which is due to report third-quarter earnings on Oct. 13, is expecting lower markets revenue compared with its record-setting second quarter.

Bank of America shares fell Monday after CEO Brian Moynihan said investment-banking revenue would fall by 10% in the quarter from a year earlier. Citigroup said it is expecting revenue growth around "low single digits" in its investment-banking business.

Asked to comment on his competitors' performance, JPMorgan's Petno said: "Not much that I want to say in this room."

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September 15, 2026 16:16 ET (20:16 GMT)