JP Morgan Stock Traders Crushed By Goldman Sachs
Courtesy of John Carney at ClusterStock
JP Morgan Chase has a long way to go before it can trade stock as nimbly or as profitably as the leaner and perhaps meaner Wall Street rival, Goldman Sachs.
Today JP Morgan reported that its revenue from equities markets declined 34%, thanks in part to "weak trading results."
During the same period, Goldman saw its equities trading revenues increase by 72%. The far smaller Goldman generated almost four times as much overall revenue from equities trading and commissions than the giant JP Morgan. JP Morgan saw equities markets revenue of $708 million while Goldman took in $3.1 billion.
To make a long story short, JP Morgan got its hat handed to it in trading stocks last quarter.
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