Consumer spending overpowers trade worries for JPMorgan, Citigroup

JPMorgan Chase, the largest U.S. lender, posted double-digit drops in investment banking fees in the three months through June as slowing global growth and U.S.-driven trade tensions held businesses back from making acquisitions.

Merger-advisory revenue dropped 16% to $525 million in the second quarter and stock-underwriting fees fell 11% to $505 million, the New York-based lender said, as firms across Wall Street reported drooping corporate confidence. Like rival Citigroup, which reported second-quarter earnings a day earlier, JPMorgan benefited from growth in its consumer businesses as shoppers continued to spend on credit cards.