Wall Street Expects Weak Quarter for Trading -- WSJ

Dow Jones2023-06-02

By Ben Eisen

Major Wall Street banks are signaling a weak quarter for their trading businesses.

At an industry conference this week, they telegraphed that markets calmed in the second-quarter compared with the topsy-turvy markets a year ago, leading to cooldown in both fixed income and equities.

   -- Goldman Sachs projected that trading will be down about 25% from a year 
      ago. "Our clients are kind of sitting a bit more in their hands right now, 
      " said John Waldron, the bank's chief operating officer, on Thursday. 
 
   -- Morgan Stanley co-president Andy Saperstein said Wednesday that trading 
      would be "notably down" from a year ago and that investment banking would 
      also struggle. "As an industry, we've been in a sustained trough since 
      last year," he said. 
 
   -- Bank of America suggested Thursday it would buck the trend and post a 
      relatively flat quarter in sales and trading. CEO Brian Moynihan 
      attributed that to a multi-year investment the bank made in growing the 
      business. 
 
   -- JPMorgan Chase, the biggest U.S. bank, is scheduled to present at the 
      conference on Friday.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

June 01, 2023 15:30 ET (19:30 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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CEO Brian Moynihan \n      attributed that to a multi-year investment the bank made in growing the \n      business. \n \n   -- JPMorgan Chase, the biggest U.S. bank, is scheduled to present at the \n      conference on Friday. \n \n\n\n  This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n\n\n \n \n\n\n  (END) Dow Jones Newswires\n\n\n  June 01, 2023 15:30 ET (19:30 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2340739245"}