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“The markets are extremely treacherous at the moment,” Troy Rohrbaugh explained at an investor conference. “There is a lot of uncertainty. There are a lot of clients that are under extreme stress. That creates potentially very significant counterparty risk exposure.”
JPMorgan had said last month that markets revenue would likely be down about 10% from a year earlier. Rohrbaugh said that the outlook had proven true through this past Friday.
