ANALYSIS-JPMorgan, Goldman trading profits unlikely to last

By Elinor Comlay

NEW YORK, April 16 (Reuters) - JPMorgan Chase (JPM.N) and Goldman Sachs Group (GS.N) racked up billions of dollars in trading profits in a volatile first quarter -- but don't expect these lucrative markets to last into the next quarter, or to necessarily benefit other banks, analysts say.

Goldman and JPMorgan, seen as probable long-term survivors amid the carnage that ravaged most of the industry, boosted their trading risk levels in the first three months of the year to exploit swings in asset prices.

They both expanded market share following Lehman Brothers' demise in September and Bank of America Corp's (BAC.N) capture of Merrill Lynch & Co.

Citigroup Inc (C.N), another major competitor in past years and under intense scrutiny following a government rescue, will see whether its hobbled financials significantly weakened its trading business when it reports quarterly results on Friday.

But trading profits and market-share gains may not be so easy to come by in the second quarter, analysts caution, and it may be too late for other banks like Morgan Stanley -- which reports next Wednesday -- to catch up.

"This is about the best it's going to get," said Paul Miller, analyst with FBR Capital Markets.

"A lot of good things happened in the first quarter," added Miller, noting the pick up in debt and equity issuance after capital markets stagnated at the end of last year.