JPMorgan Says ‘Next Stop $1 Trillion’ for Hedge Fund Balances
- Bank reaches $500 billion prime brokerage customer balances
- Big banks generated about $18.3 billion revenue from prime
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JPMorgan Chase & Co. hit a major milestone in its business that caters to the world’s largest hedge funds. And now the bank has even loftier goals.
Global customer prime balances jumped 25% this year to surpass $500 billion, according to an internal memo seen by Bloomberg News. “Next stop $1 trillion!” executives including Jonathan Cossey and Charles Chiang, co-heads of prime finance, said in the note on Wednesday. JPMorgan confirmed its contents, declining to comment further.