While many of the nation’s largest banks saw their profits plunge during the second quarter, trading revenues have surged, enabling banks to maintain strong capital positions and better position themselves to weather the coronavirus pandemic.Andrew Burton/Getty ImagesInvestors have piled into the stock market amid unprecedented volatility this year resulting in a major boost to trading revenues at the nation’s major banks.
“That will allow them to protect future earnings along with capital markets issuance—and that business has been booming,” says Lapey. Today’s markets, by comparison, have remained “very liquid” thanks to massive support from the Federal Reserve, which means high yield and debt issuance that is good for banks, says Lapey. Banks are “much better positioned than last time around,” he agrees.
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Source: Forbes - 🏆 394. / 53 Read more »
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