(Reuters) – The head of markets for JPMorgan Chase & Co said on Tuesday that markets are too treacherous to update the firm’s first quarter outlook for trading revenue.
“The markets are extremely treacherous at the moment,” Troy Rohrbaugh explained at an investor conference. “There is a lot of uncertainty. There are a lot of clients that are under extreme stress. That creates potentially very significant counterparty risk exposure.”
JPMorgan had said last month that markets revenue would likely be down about 10% from a year earlier. Rohrbaugh said that the outlook had proven true through this past Friday.
(Reporting By David Henry in New York and Niket Nishant in Bangalore; Editing by Chizu Nomiyama)
