00:00I'm looking at record quarters for equity trading and again this is important considering Goldman
00:05had a huge quarter too. Can JP Morgan beat it? They did not beat Goldman but again at 4.5
00:11billion
00:11dollars just there under it is a record and again that thick number even more important considering
00:16that Goldman Sachs lost that also looks to be something of a record for them. The last record
00:21was 5.8 billion dollars and this exceeds their estimates at 7 billion dollars. The other really
00:27important thing for JP Morgan was the fact that they missed on their investment banking in the last
00:32quarter's results. They said it's because the pipeline has been delayed so you should see that show up
00:37and it has indeed showed up. Investment banking revenue 3.1 billion dollars. The estimate was for
00:442.7 billion dollars. It's a standout for them. We'll see with how the advisory numbers come in but we're
00:50also getting some commentary from Jamie Dimon as well saying that he hopes regulators prioritized
00:55well-designed regulation. Keep in mind that's part of the reason why we're seeing their investment
00:59banking outperform saying that the U.S. economy remain resilient in the quarter and several tailwinds
01:05are supporting this resiliency. Contrast that with what we heard from David Solomon warning about
01:11concerns of economic and wider stress coming from geopolitics. Instead we have a CEO of JP Morgan
01:17saying that there are tailwinds supporting this economy and we're also looking to see any commentary on
01:23credit. Jamie Dimon saying that they have ample amounts of capital and liquidity and that consumers
01:28are still earning and still spending. So again a beat across the board for JP Morgan. A record for their
01:35equity trading. A record for their FIC trading. And you have an investment bank after a blockbuster quarter
01:41from M&A. That also beats something we wanted to see from JP Morgan considering they missed last quarter.
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