Revenue at J P Morgan’s Private Bank, which
comprises most of the revenues at its asset management unit, rose
by 5%, or $60m, from the first quarter of 2012 to $1.34bn.
This revenue gain was also a 4%, or $50m, rise
when compared to the private bank’s results in the second quarter
of 2011.
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Assets under management (AUM) at JP Morgan
Private Bank fell by 2%, or $5bn, to $297bn when compared to the
first quarter, but rose 2% on a yearly basis.
The dip in assets could be linked with JP
Morgan’s high-profile trading losses on its chief investment
office’s synthetic credit portfolio which resulted in the US bank
reporting a $4.4bn pretax loss for the CIO unit this quarter.
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