Bank profits in a recession
The Story of Money
Manuela Saragosa
4.4 • 400 Ratings
🗓️ 21 October 2020
⏱️ 20 minutes
🧾️ Download transcript
Summary
The market volatility of the past few months has been a boon for the trading divisions of many Wall Street banks, including Morgan Stanley. Laura Noonan, the FT’s US banking editor, explains how success in trading, and a focus on wealth management has positioned Morgan Stanley to make gains during the pandemic - and whether this trend is likely to last.
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Review clips: CNBC, PBS, Federal Reserve
Read more on Laura’s Noonan reporting on Morgan Stanley - https://www.ft.com/content/22d7c870-870d-4423-bd6f-6e384961f997
Find out what the latest polls say about U.S. voter sentiment towards the economy with FT Washington correspondent Lauren Fedor, Peter Spiegel, the FT’s US managing editor and Michael Peterson of the Peter G. Peterson Foundation. The event takes place Monday, October 26 at 12 pm ET. Register here - https://nerpreelectioneconomy.live.ft.com/?segmentId=8f3615ce-4cbc-7122-a54d-8ed636f79675
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Transcript
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| 0:30.2 | It's a little hard to believe the headlines |
| 0:32.2 | about the performance at Wall Street's biggest banks. |
| 0:35.0 | So revenue 29.9 billion, forecast 28.3, nice beat there. |
| 0:39.0 | This is like the good old days. |
| 0:41.0 | 968 versus 557 for Goldman Sachs revenue 10.78. |
| 0:46.4 | Their fixed income commodities and currencies trading was pretty strong up 18% year over year. |
| 0:53.0 | At a time when millions of Americans are out of work, many small businesses have closed, |
| 0:58.0 | and hundreds of thousands of people have died from COVID-19, |
| 1:02.0 | the world's biggest banks continue to beat revenue expectations again and |
... |
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