JPMorgan's vast corporate and investment bank posted record profits in the second quarter as both trading and dealmaking surged, but the division's boss Daniel Pinto has told staff that the good times are unlikely to continue into the second half of 2020.

The US bank's $5.5bn profits in its corporate and investment bank was JPMorgan's best-ever quarter in the unit, with bond banking fees reaching new highs and fixed income trading increasing by 99% to $7.3bn.