No end in sight for Wall Street deals slump as JPMorgan says advisory revenue plunges 50%
Daniel Pinto, JPMorgan's chief executive of corporate and investment bank. Simon Dawson | Bloomberg | Getty Images The deal-making slowdown that has weighed on Wall Street this year shows no signs of letting up. Investment banking revenue at JPMorgan Chase is headed for a 45% to 50% decline in the third quarter from a year earlier, president and chief operating officer Daniel Pinto said Tuesday during a conference. related investing news Bank of America warns that investors are ignoring dangers of 'synchronized' policy tightening Jeff Cox 22 hours ago The bank posted $3.3 billion in third-quarter investment banking revenue last year, amid what was then a bull market for IPOs, stock issuance and other deals. Now Wall Street is grappling with steep declines in capital markets activity as IPOs slow to a crawl and mergers declined after stocks had their worst first half since 1970. A bull market for bankers has turned to bust this year, and firms are expected to cut compens...