JP Morgan Chase HQ in New York

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Reuters

Two of America’s largest banks have been hit by a drop in bond buying and selling income within the three months to September, however income nonetheless rose.

JP Morgan Chase income rose 7% to $6.7bn (£5.1bn) in contrast with the identical interval final yr, whereas Citigroup income had been up eight% at $four.1bn.

The banks had warned that buying and selling revenues can be weaker in comparison with a post-Brexit surge final yr.

JP Morgan shares slipped in pre-market commerce on the information.

At JP Morgan revenues rose simply 2.7% to $26.2bn, as income from buying and selling fell 21% year-on-year.

Nevertheless, income had been boosted lifted by its client and retail lending division, which benefited from increased rates of interest and powerful bank card gross sales and fee processing.

Chief govt Jamie Dimon mentioned: “The worldwide financial system continues to do nicely and the US client stays wholesome with stable wage development.”

At Citigroup, revenues had been 2% increased at $18.2bn year-on-year.

The financial institution mentioned income from mounted revenue buying and selling fell 16%, however not like JP Morgan, its income from equities buying and selling was increased.