JPMorgan, Citigroup Feast on Equity Derivatives in Virus Panic
- Banks said to see $500 million surge in revenue amid panic
- Investors using securities to speculate, hedge during turmoil
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The historic panic in global stock markets has spawned a fortune for some of the world’s biggest investment banks.
JPMorgan Chase & Co. and Citigroup Inc. have added about $500 million in revenue from equity derivatives trading year-to-date compared with the same period in 2019, people familiar with the matter said. Trading surged as investors rushed to bet on stock moves and protect their holdings.