JP Morgan’s markets and investor services business unit saw a 23% year-on-year increase in Q2, boosted by strong fixed income results.
Higher revenue in rates, currencies and emerging markets, credit and securitised products in the second quarter, saw the firm’s fixed income revenues surge 35% to almost $4 billion.
Chief financial officer, Marianne Lake, explained on the earnings calls this afternoon that “positive momentum in March this year, continued into the second quarter”.
“Client risk appetite also recovered in a more stable environment," she added.
Lake added that JP Morgan experienced a “trading spike, and volatility across asset classes following Brexit.”
Overall investment banking unit revenues were hit with a decrease of 15% in Q2 totalling $1.5 billion, which JP Morgan said was down to lower equity underwriting fees.
Total assets under management fell 5% in the second quarter year-on-year and 1% quarter on quarter, though asset management revenues are up 16% to $521million compared to second quarter last year.
Chief executive officer and chairman at JP Morgan, Jamie Dimon, said: “Throughout the recent uncertainty and turbulence in the markets, we continued to be there for our clients - solid and steadfast to meet their needs, execute their transactions and provide liquidity.”