All five of the banks-JP Morgan Chase & Co., Citigroup, Bank of America, Goldman Sachs and Morgan Stanley- exceeded Wells Fargo's conservative model last quarter, with capital markets revenue-generated by charging a fee for providing liquidity to markets-increasing 25% across the board last quarter after declining every year since 2020.
While global revenues have lagged trends at US banks, the trend appears to have reversed to the upside," wrote Wells Fargo Securities equity analysts Mike Mayo, Christopher Spahr, and Robert Rutschow, in the report published today.
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