Bond trading slump hits two of Americas biggest banks

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Two of America’s biggest banks have been hit by a drop in bond trading revenue in the three months to September, but profits still rose.

JP Morgan Chase profits rose 7% to $6.7bn compared with the same period last year, while Citigroup profits were up 8% at $4.1bn.

The banks had warned that trading revenues would be weaker compared to a post-Brexit surge last year.

The banks’ shares slipped in early trade on the news.

Executives at both banks said they were encouraged by increasing strength in the global economy and were seeing benefits from gradually rising interest rates.

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