Riding the order flow
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J.P. Morgan Takes Trading Day Bragging Rights
J.P. Morgan said in its annual 10k filing with the SEC late last month that it made money on 233 out of 260 trading days in 2011. The bank revealed that its average daily trading revenue was $73 million but that on seven days last year it made gains of over $200 million. At the bank’s investor day in New York last week, Jes Staley, chief executive of J.P. Morgan’s investment bank, praised the near record performance of the business in 2011: the investment-banking division reported revenues of $26.3 billion and its second-highest profits on record of $6.8 billion in 2011. In his presentation, Mr. Staley said J.P. ... (full story)
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