Wall Street Firms Have Best Quarter Since Crisis (JPM, GS, MS, BAC)
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The Wall Street Journal reported that Wall Street firms are about to close their most lucrative quarter since the credit crisis erupted.
Companies such as J.P. Morgan Chase & Co. (NYSE: JPM), Goldman Sachs Group (NYSE: GS), Morgan Stanley (NYSE: MS) and Bank of America (NYSE: BAC) are doing well with their historic bread and butter, which is trading and underwriting.
Investor enthusiasm in the debt markets fueled issuance of $1.5 trillion globally from the start of the Q2 through Monday, according to Dealogic. That was just slightly lower than Q1, but the latest results showed a rebound in high-yield issuance.
Equity offerings reached nearly $260 billion during Q2 which is almost 4 times the amount recorded during Q1, and the highest since 2008's second quarter, Dealogic said.
In trading, the range between bid and offer prices on fixed-income assets remained wide during the quarter, boosting profits from buying and selling these securities. Fixed-income trading is one of the main earnings boosters for securities firms.
A majority of the quarter's equity issuance came after banks rushed to raise nearly $90 billion following the government's stress tests. There also was a backlog of issuers taking advantage of the market's strength since early March, not necessarily a major shift in market sentiment.
Wall Street is heading historically into the sluggish summer months so things should slow for the next couple month.
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