JP Morgan’s markets and investor services business saw a 17% increase in revenues in the first quarter this year, driven by a surge in fixed income activity.
Net revenues within the markets unit reached $9.5 billion, compared to $8.1 billion in the first quarter last year.
Fixed income sales increased 17% to $4.2 billion in the first quarter this year, driven by a good performance across securitised products, rates and credit, as well as strong demand and spread tightening, JP Morgan said.
Equities remained largely flat in the first quarter compared to the same period last year, with sales up just 2% to $1.6 billion.
Jamie Dimon, CEO at JP Morgan, commented: “We demonstrated the strength of our corporate and investment bank platform, growing revenue strongly in banking and markets and maintaining leadership positions.”
Overall, JP Morgan saw net income increase 17% to $6.4 billion in the first quarter this year, compared to the first last year.