Goldman and Morgan Stanley stretch equity trading lead

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Goldman Sachs and Morgan Stanley stretched their equity-trading lead over rivals as they led U.S. banks in reporting the most revenue from that business in more than five years.

Bloomberg News reports that the five largest Wall Street firms reaped $8.24bn from trading stocks, options and other derivatives and running prime-brokerage operations in the first quarter.

That was 24% higher than a year earlier and the most since at least the final quarter of 2009, the earliest period Goldman Sachs reported under its current structure.

While many of the world’s biggest banks have scaled back in some areas of fixed-income trading, most stayed committed to their equities units. Still, performance diverged among U.S. firms this quarter. Goldman Sachs, Morgan Stanley and JPMorgan posted revenue increases of more than 20%, while Bank of America and Citigroup - already smaller in that business - reported 1% declines.

To access the complete Bloomberg News article hit the link below:

Goldman, Morgan Stanley Widen Equity-Trading Lead on U.S. Rivals

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