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Frenzied trading around the coronavirus crisis has boosted markets revenues, while Goldman and Morgan Stanley have also profited from their limited exposure to the widespread loan losses stemming from the pandemic that will set them up to triumph over their Main Street rivals.
Amrit Shahani, research director at industry monitor Coalition, said banks would also be helped by a reversal of some of the markdowns they took on some trading assets in the first quarter, particularly in areas such as US municipal bonds where a buying spree by the Federal Reserve had boosted prices. “That’s going to be a big ticket,” he said of the potential for valuation gains on banks’ holdings.
https://www.ft.com/content/d7ab03c2-0939-4665-aa72-a2b922da7310?shareType=nongift
