Charging Bull Statue is seen as snowfall in New York City, United States on December 16, 2020 in the Financial District.
Tayfun Coskun | Anadolu Agency | Getty Images
Even within Wall Street, there are haves and have-nots.
Banks have just finished reporting results for the last three months of 2020, and the gap in lucrative trading fees earned at Wall Street’s Big Three – JPMorgan Chase, Goldman Sachs, and Morgan Stanley – and the rest of the capital market players is never been this big.
While the three largest players delivered stock and bond trading earnings that exceeded analyst expectations in the quarter by nearly $ 1 billion, driving up earnings beats for companies, others fared less well. For example, Bank of America’s fixed-income traders produced $ 370 million less revenue than expected, and Citigroup’s bond traders essentially lived up to expectations.