INVESTMENT banking activity has slowed significantly year on year, says JPMorgan Chase’s president and chief operating officer Daniel Pinto, but the base of comparison is a “massively elevated” one.

Pinto, who is also chief executive of JPMorgan’s corporate and investment bank, noted that net revenue for global investment banking came in at a record US$132 billion in 2021.

He estimates this figure will come down 43 per cent, to US$78 billion this year, which would be a “big drop” but is in fact similar to levels seen in the 2010s.