In a topsy-turvy economy, Wall Street banks book giant trading profits and giant bad-debt charges
a sense of what is happening to America’s economy during one of the most unusual periods in its modern history, a decent place to start is its banks. Several of the very largest firms, including JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs, have just updated investors. Together they have trillions of dollars of assets and dealings with many of the households and firms hit by the pandemic. The message is that Wall Street is booming even as Main Street is suffering.
This has created a windfall on Wall Street . In the second quarter markets revenues at Citibank, Goldman Sachs and JPMorgan were higher than at any time since the global financial crisis, almost doubling over the same period in 2019. Goldman Sachs, one of the two remaining big stand-alone investment banks, saw revenues jump by 41%. True to form, it wasted no time in handing over more to its staff.
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