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Bank trading revenue surges in third quarter

By
Kevin Dugan
Published Jan. 4, 2017
Updated Jan. 5, 2017, 11:57 a.m. ET

Wall Street’s on the upswing.

Banks raked in more than $6.4 billion in trading from July to September last year — making for the second-best third quarter since 2000, according to a Wednesday report from the Office of the Comptroller of the Currency.

Trading surged 20 percent from the same period last year — a total of $1.1 billion more, according to the report.

The boost in trading wasn’t the same for all banks. Goldman Sachs’ third quarter was the best period in over a year, with bond, interest rate and currency trading up 34 percent.

At JPMorgan Chase, Goldman’s trading rival, fixed income trading spiked 48 percent in the third quarter from the same period in 2015, with equity trading up just 1 percent. Overall, trading volume gained 33 percent, to $5.7 billion, the company said.

Banks are set to report their final quarterly earnings for 2016 on Jan. 13.