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March 31, 2014

JPMorgan Seeks to Become Among Top Three in Cash Equities

“JPMorgan Chase & Co. (JPM) is seeking to become one of the world’s three biggest stock brokers, lifting a division that has fallen behind its capital markets, equity derivatives and investment banking units.

“The largest U.S. bank is trying to boost electronic trading and increase commission pools to climb from sixth place in cash-equities trading, said Tim Throsby, global head of equities in London. JPMorgan is ranked first in investment banking, equities origination, fixed income, commodities and currencies, while it comes second for derivatives products, according to research firm Coalition Ltd.

“One of the big themes for the firm is to bring cash equities up to that same level,” Throsby said in an interview in London. “There are some very obvious areas where we are working to improve, and where we think there is a great opportunity. Third or fourth place would be a realistic medium-term ambition, with second or third in the long term.”

“The lender isn’t planning to hire more staff to accomplish the task, he added.

“JPMorgan is betting that investments in electronic platforms and hedge-fund services will help it leap over rivals in an industry that has suffered from declining volume and profitability. The New York-based bank was late in boosting those offerings as it focused on advisory and sales, said analysts including Derek de Vries at UBS AG. (UBSN)”

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Read full Bloomberg article here.

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