Nov. 4 (Bloomberg) -- JPMorgan Chase & Co., the biggest U.S. bank by assets, said its traders lost money on 16 days in the third quarter as turmoil in Europe roiled bond and equity markets.
The bank had 177 days of positive trading revenue in the first nine months, including five days in which the gains exceeded $200 million, according to a regulatory filing today by New York-based JPMorgan. The biggest U.S. lenders have leaned on trading operations this year to boost profit as results at consumer-related businesses sagged.
JPMorgan’s nine-month perfect trading record ended in the second quarter with two days of losses, as concern rose that Greece would default on its debt and U.S. lawmakers would fail to raise the debt ceiling. In all, JPMorgan’s traders lost money on 26 days during the past seven quarters.
Trading revenue averaged $76 million a day during the first nine months. Revenue at JPMorgan’s investment-banking unit, which houses the trading desks, fell 13 percent from the second quarter to $6.4 billion.
--Editors: Steve Dickson, Dan Reichl
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