CUSTODY

JP Morgan sees 4% securities services increase in Q1

JP Morgan recorded a strong start in its securities services revenue at the start of 2017.

By Paul Walsh paul.walsh@strategic-i.com April 13, 2017 11:20 AM GMT
JP Morgan has recorded a 4% uptick in its securities services revenues in its Q1 2017 figures.

Securities services revenue stood at $916 million compared to $881 million during the same period in 2016.

The results represent a strong start to 2017 following the custodian’s securities services revenues declining 5% year-on-year in 2016 from $3.7 billion to $3.5 billion.

“We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year,” said Jamie Dimon, chairman and CEO.

“The consumer businesses continue to grow core loans at double digits, outperform the industry in deposit growth, and we once again had very strong card sales volume growth this quarter – reflecting our commitment to providing our customers the innovative products and services they want.”

At the beginning of this year, BlackRock selected JP Morgan to provide custody and fund services for over $1 trillion of its clients’ assets in a landmark deal, moving the assets away from State Street.