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JPMorgan expects investment banking fees to fall by ‘mid-teens’ in second quarter

Investment Banking Editor

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JPMorgan’s investment banking fees could fall by a percentage in the mid-teens in the second quarter, as tariffs imposed by the US government have iced deals.

The Wall Street bank, which tops the investment banking fee league tables, expects dealmaking revenue to decline significantly, Troy Rohrbaugh, co-CEO at JPMorgan’s commercial and investment bank, told analysts during its investor day.

Investment banking activity has been hit by Trump’s move to impose tariffs on trading partners

Paul Clarke

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The exit of crisis-era bailouts picked up as bank stocks rallied on the back of higher interest rates, but some governments have taken different approaches to reduce their holdings.

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The Bank of England should slow its cycle of interest-rate cuts as inflation and wage growth continue above target, its chief economist said.

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A weekslong climb in longer-term yields has been fueled by persistent worries about inflation and concerns that wider deficits will necessitate larger auctions.

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The company said it will apply for a French banking license with local regulators. Just under three quarters of its more than 55 million customers are based on the European mainland.

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