Trading in the fixed income sector is likely to be tough for everyone this year, if JP morgan chief executive Jamie Dimon is correct about the weak first-quarter figures his bank has seen so far. The first three months are normally the best for FICC revenue. So a weak start will be hard for banks to recover from over the rest of the year. Many might therefore be unable to top 2013, which was itself a lacklustre year for trading. The weakness that started in the second half of last year appears to have continued. Several FICC bankers echoed that view, expressed by Mike Cavanagh and Daniel Pinto, co-chief executives of JP Morgan's corporate and investment bank, last week.
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