investment banks, where they’re making the most of the in-person mentoring and networking they’ve lacked during the pandemic. Photographer: Michael Nagle/Bloomberg” title=”JPMorgan Chase & Co. signage outside the corporate headquarters in New York, U.S., on Thursday, July 22, 2021. After a year of Zoom meetings and awkward virtual happy hours, New York’s youngest aspiring financiers have returned in the offices of the city’s investment banks, where they’re making the most of the in-person mentoring and networking they’ve lacked during the pandemic. Photographer: Michael Nagle/Bloomberg, Bloomberg” height=”349″/>

(Bloomberg) – Banking analysts at JPMorgan Chase & Co. are taking a contrarian view on the performance of global investment banks in the first quarter, expecting most to beat expectations.

“We believe global investment banking markets earnings have improved following the escalation of the situation between Russia and Ukraine, with higher volatility driving spreads as well as activity levels in commodities. derivatives,” analysts led by Kian Abouhossein wrote in a note on Friday.

Analysts still expect revenue to decline from a strong start to 2021, but they think it won’t be as bad as the market anticipates and see earnings per share estimates for the full year rising. 2% on average.

They expect commodities to be the best performing part of fixed income, currencies and commodities trading, while equity trading should benefit from strong derivatives flow activity .

Analysts picked Goldman Sachs Group Inc. as their top pick and placed the lender on “positive catalyst watch” because the U.S. bank is the biggest commodity player in their coverage.

Read more: European banks torn between interest rate advantages and credit risk: GS

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