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.
"It's not misaligned with what we have seen in the past. And I think that there will be upside going forward," he said.
Pinto, who moved from London to New York City last...