Given all the recent uncertainty regarding the profitability of investment banks, particularly regarding advisory fees, Bank of America, JP Morgan and now Goldman Sachs have all revealed stronger than expected performances.
Goldman Sachs has posted a near-60 per cent rise in third-quarter profit from a year ago, adding to evidence of an unusually bright quarter for the big Wall Street investment banks.On Tuesday morning the New York-based bank said its net income for the July-September period came to $2.1bn, 58 per cent higher than a year earlier
JPM FICC profits rose by 48%. Citi, BofA saw FICC profits rise by 33%.
Given the recent trends of European banks in cutting jobs in trading desks with U.S banks resisting the urge, will this pay off in the long run? Consequently, what do you all think about the future of M&A advisory (e.g. Goldman cutting a significant percentage of bankers in Asia).
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