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The Charging Bull statue is seen in the Financial District as a snowfall in New York City, the United States, December 16, 2020.
Tayfun Coskun | Anadolu Agency | Getty Images
Even on Wall Street, there are haves and have-nots.
Banks just finished reporting results for the final three months of 2020, and the gap between the lucrative trading fees earned by the Wall Street Big Three – JPMorgan Chase, Goldman Sachs and Morgan Stanley – and the rest of the global players financial markets has never been greater.
As the top three players racked up income from stock and bond trading that exceeded analysts’ expectations by nearly $ 1 billion combined in the quarter, resulting in profits for companies , others were less successful. Bank of America bond traders generated $ 370 million less revenue than expected, for example, and Citigroup bond traders basically lived up to expectations.
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