So far, the slump has been more than offset by lively markets. Revenue from flipping stocks and bonds rose 15% at JPMorgan in the second quarter, year-on-year, and over 20% at Morgan Stanley, towering over shrunken deal fees. Trading and investment banking sit in the same divisions at both firms. But revenue derived from shifting securities is likely to go back roughly to where it was, especially as volatility in the bond market subsides. 
Positive
Positive
Morgan Stanley
Positive
Positive
JPMorgan