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Morgan Stanley and Bank of America highlighted the two big themes that dominated US banks’ earnings season this week, as the former swept to record profits on a trading boom and the latter was battered by provisions for loan losses.
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“Clearly, it will be challenging for the back half of 2020 to meet the record for first-half results,” Mr Gorman said, echoing the forecasts of other bank bosses on the inevitable deterioration of an exceptional trading environment and fading of a boom in debt issuance.
https://www.ft.com/content/eb4fee58-4582-4752-b85b-6b104ea22556
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