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A glance at the third-quarter reports from Wall Street indicates that trading revenues are still the key driver of earnings. Goldman Sachs reported almost $6 billion in fixed-income, currencies and commodities net revenues for the quarter, JPMorgan reported just over $5 billion and Citi and Bank of America around $4 billion each. In equities trading, Credit Suisse and Goldman Sachs were the best performers, each with about $1.84 billion in revenues.
Analysis of second-quarter results by the Office of the Comptroller of the Currency indicates that the quarter had the sixth-highest level of trading ever recorded. From the earnings reported so far, the third quarter looks to be on a par.
Including principal trading, trading revenues at Goldman Sachs in the third quarter...
