How Morgan Stanley Bested Goldman Sachs

(New York Times) Morgan Stanley’s 96 percent increase in fixed-income trading was easily the best of the batch of Wall Street’s bulge-bracket results. Bank of America, Citigroup and JPMorgan Chase increased their comparable division’s revenue just shy of a fifth, which was enough to take them back to about what they were earning in the first quarter of 2015. A 2 percent drop in the top line, though, left Goldman’s traders bringing in almost half what they managed two years ago.

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