City Of London
JPMorgan Finally Unseats Rivals to Take Equity Trading Crown
- Firm outperformed both Morgan Stanley and Goldman Sachs
- Clients seek safety after collapse of Archegos, analyst says
JPMorgan Chase & Co. headquarters in New York.
Photographer: Peter Foley/BloombergThis article is for subscribers only.
After years of just missing out on the top spot, JPMorgan Chase & Co.’s equities trading business has finally eked out the No. 1 place on Wall Street.
Between April and June, the bank’s revenue from the business outperformed both Goldman Sachs Group Inc. and Morgan Stanley for the first time in a quarter since at least 2006, reaching nearly $3.1 billion. Further down the ranking, a strong set of results Friday for BNP Paribas SA’s equities unit means it has overtaken Barclays Plc this quarter.