The investment banks are back, baby!
And you can thank for their resurrection the COVID-19 pandemic and the resulting economic instability.
And what’s also clear is that the big universal banks—JPMorgan Chase, Bank of America, and Citigroup—had a tougher quarter than Goldman and Morgan Stanley because of the need to take huge loan-loss reserves to account for potential financial losses from loans and credit card balances that aren’t paid off because of the worsening economy. JPMorgan Chase, for one, has taken loan-loss reserves of nearly $20 billion since the start of 2020.
There has been a bit of a holy war on Wall Street since the 2008 bloodbath called into question the way Wall Street goes about its business and what form the survivors should take.the CEO of Goldman Sachs from 2006 to 2018, long argued that the regulatory and economic changes plaguing Wall Street after the financial crisis were cyclical, not structural.
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