Not good news for year-end bonuses.
The six biggest U.S. banks collectively eked out revenue gains in this year’s first two quarters. That streak was probably toast in the third.
Bloomberg News reports that a global asset rout that squeezed bond trading and kept the Federal Reserve from raising rates drove down the firms’ total revenue 2.4% from a year earlier to $101.1bn in the three months through September, according to analysts’ estimates compiled by Bloomberg. That eroded the increases in the year’s first two quarters that averaged 1.4%.
While U.S. banks have fared better than European rivals - Deutsche Bank forecast a $7bn quarterly loss late Wednesday-- they’ve still been battered by the collapse in commodities and volatility sparked by an August plunge in Chinese equities.
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