New York
18 April 2017
Reporter: Drew Nicol

Top banks reveal Q1 securities growth


Citi’s markets and securities services revenue reached $4.8 billion in Q1 2017, as J.P. Morgan noted gains in prime services and corporate derivatives.

Q1 2017 revenue for Citi’s securities services subsection fell 3 percent due to “prior period divestitures”.

The bank added, however, that, excluding the divestitures, revenue increased 12 percent, driven by higher deposit balances and growth in assets under custody.

Meanwhile, J.P. Morgan’s markets and investor services revenue was up 14 percent overall in Q1. The bank put the improved figures down to higher markets revenue, which was increased by 13 percent.

As part of its markets and investor services business, J.P. Morgan’s securities services revenue was $916 million for the quarter, up 4 percent.

Equity markets revenue was up 2 percent, with strength in prime services and corporate derivatives.

J.P. Morgan also achieved record-breaking assets under management (AUM) of $1.8 trillion, up 10 percent.

Jamie Dimon, chairman and CEO of J.P. Morgan, commented: “We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year.”

“We demonstrated the strength of our corporate and investment bank platform, growing revenue strongly in banking and markets and maintaining leadership positions. Commercial banking continued its solid performance with record revenue and net income this quarter."

Asset and wealth management had strong underlying performance driven by record balances in banking, as well as record AUM and client assets.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Iberclear bank on Citi to provide global custody
20 October 2017 | Madrid | Reporter: Jenna Lomax
The agreement, signed at this years Sibos conference in Toronto, will enable Spanish clearing houses to settle international securities via local CSDs
Clearstream promises post-Brexit services continuity
20 October 2017 | London | Reporter: Jenna Lomax
Despite the uncertainty that came after the referendum results last year, Clearstream said its main objective through Brexit was to minimise risk of cross-border settlement
AI will be transformative, but is still in early stages
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Artificial intelligence is a “transformational technology” that will improve productivity and security, and provide a competitive advantage, according to a live poll at Sibos 2017
Security and standards key in blockchain solutions
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Distributed ledger technology (DLT) solutions should embed security measures at their very core, especially in the financial services space, according to Sibos panellists
LCH promotes Daniel Maguire to CEO
19 October 2017 | London | Reporter: Jenna Lomax
Maguire, who has been COO of the same department since April this year, was previously senior vice president for commodity exotics and hybrids at J.P. Morgan
Swift harmonises VP Securities network in Denmark
19 October 2017 | Toronto | Reporter: Theo Andrew
The enhancement, set to launch in 2018, means banks will face reduced costs by harmonising the network used to connect with other securities markets across the globe
EU commission lays down the law on MiFID II compliance
19 October 2017 | Brussels | Reporter: Jenna Lomax
As many as 19 infringing member states include Belgium, Malta, France, Greece, Luxembourg, Netherlands, Portugal, Spain and Sweden as facing the commission’s wrath
More news