JPMorgan's Petno sees bank fees surging while warning the cycle feels 'too good'

JPMorgan stock (JPM) finished more than 1% higher on Tuesday after co-president Doug Petno delivered an upbeat third quarter revenue forecast. Petno, who is CEO of JPMorgan's commercial and investment bank, said he expects the firm's investment banking and trading fees for the third quarter to be up in the "mid to high teens" compared to the year-ago period. "Our clients are seeing through the market volatility and the fog of uncertainty," Petno said, speaking at a Barclays financial services conference in New York Tuesday afternoon. Shares for other Wall Street banks also pared losses following Petno's comments, including Goldman Sachs (GS), Morgan Stanley (MS), Citigroup (C), Bank of America (BAC), and Wells Fargo (WFC).