Business
Bank Clients Can’t Stop Trading Stocks
Wall Street’s business of facilitating trades on behalf of clients has been fast-growing, and analysts were closely watching whether momentum would continue. Across the Street, fees from stock trades shot up, while fees related to bonds, commodities and other non-equity products also rose.
Goldman Sachs’s equity trading revenue rose 72% from a year ago, while fixed income, commodities and currency trading was up 32%.
At JPMorgan, stock trading revenue was up 86% from a year ago and fixed income was up 6%.
Bank of America’s sales and trading revenue for equities was up 70%, while FICC was up about 9%.
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