May's credit market turmoil hit the profits of all four US brokers that reported second-quarter earnings last month, Goldman Sachs and Morgan Stanley especially. There'll be more to come in July when the universal banks, and Merrill Lynch, report.
JPMorgan has already warned that its trading results are the worst for some time. But the firm has at least had the chance to offset some of its problems with gains from June's more bullish credit trading environment.
The brokers have no such luck. Nor do the hedge...
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