Charging Bull Statue is seen in the financial district as a snowfall in New York City, United States, on December 16, 2020.
Tayfun Coskun | Anadolu Agency | Getty Images
Even within Wall Street, there are rich and poor.
Banks have just announced the results of the last three months of 2020, and the gap in the profitable trading rates achieved on the Big Three on Wall Street – JPMorgan Chase, Goldman Sachs and Morgan Stanley – and the rest of the world’s capital market participants it has never been greater.
While the top three players accumulated revenue from stock and bond trading that exceeded analysts’ expectations by almost $ 1 billion combined in the quarter, boosting corporate earnings, others did less well. Bank of America’s fixed income dealers produced $ 370 million less revenue than expected, for example, and Citigroup’s bond dealers basically lived up to expectations.