
American investment banks just disclosed a record-smashing quarter, helped by surging trading activity around the U.S. election and a pickup in investment banking deal flow. Limited time: Save 25% on NBC News subscription Get exclusive reporting, live Q&As and ad-free reading. Traders at JPMorgan Chase, for instance, have never had a better fourth quarter after seeing revenue surge 21% to $7 billion, while Goldman Sachs’ equities business generated $13.4 billion for the full year — also a record.
Main Idea: Wall Street banks had a strong quarter, and JPMorgan Chase, Goldman Sachs, and Morgan Stanley say deal-making could get even better this year.
Key Points:
More Wall Street deals can lift fees and borrowing costs for some households and small businesses, and a faster merger wave may also bring more layoffs or fewer competitors.
Stronger banks can mean more lending, more IPOs, and more market jobs if JPMorgan, Goldman Sachs, and Morgan Stanley pass the boom through the economy.
Rate how each entity in this article affected the American people.
Major bank whose record equities business results and outlook are a central focus.
Major bank whose quarterly trading revenue and performance are central to the article.
Goldman Sachs CEO quoted on improving CEO confidence and deal-making appetite.
Morgan Stanley CEO quoted on the bank’s merger-deal pipeline and Wall Street outlook.
Central institutional backdrop because its easing stance and prior rate hikes are tied to the banks’ environment.
Morgan Stanley banking analyst quoted reacting to Goldman’s results and raising her forecast.
Mentioned as a political factor linked to market and deal-making optimism.
Cited for capital-markets activity figures used in the article’s analysis.
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