J.P. Morgan had something of an eventful quarter, but for
KBW it stood out for reasons one might not immediately expect. Irony does not appear to be a part of the
recognition.
“Yes, we are aware that JPM experienced an embarrassing
trading loss topping $5 billion in its Chief Investment Office leading to
investigations by regulators and a halting of its share repurchase program,”
KBW wrote. “However, despite this loss and market concerns over JPM’s internal
controls, we are awarding the best quarter to JPM. A factor behind our decision
is the strong earnings power demonstrated in the quarter from its core
businesses lines.”
The “best trader” award is for J.P. Morgan’s investment
banking operations, where its fixed-income and equities trading had some of the
smallest declines of its peers. Not exactly the stuff of champions, but also
not at all tied to the disastrous trade in the Chief Investment Office. Still, for a quarter that saw J.P. Morgan
executive hit hard on one ugly mistake, the title might be a small consolation
for the firm….
Admit it. You can't stop now. Go to http://blogs.wsj.com/deals/2012/07/31/j-p-morgan-awarded-best-trader-for-second-quarter-really/
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