US bank profits set to rise on higher rates while Wall Street lags
© Reuters. FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar/File Photo
JPMorgan, the nation's largest lender, is"best positioned" to handle higher rates and could surprise markets with stronger-than expected results, said Bank of America analyst Ebrahim Poonawala, who raised his earnings estimate. Despite the renewed optimism, investment banking activity remains depressed. Global investment banking fees are down almost 17% in the third quarter from the same period a year earlier, to $15.2 billion, according to data from Dealogic.
Unrealized losses from securities will show a"significant increase" to as much as $670 billion across the industry in the third quarter, estimated Richard Ramsden, a banking analyst at Goldman Sachs. That compares with $558 billion in the second quarter, according to data from the Federal Deposit Insurance Corporation.
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