While war in Iran fuels market swings, it is also driving profits on Wall Street trading desks
AP News
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Recent market volatility, partly due to the War in Iran, continues to boost Wall Street profits.
On Wednesday, Bank of America reported a 30% increase in stock trading revenues for the first quarter, earning $2.8 billion.
Morgan Stanley's equity trading revenues rose 25% to $5.15 billion.
The bank also saw a 29% rise in bond-trading revenues.
Both banks had strong investment banking performances, advising major companies like SpaceX. Despite rising energy prices, Bank of America noted no deterioration in U.S. consumer spending.
CEO Brian Moynihan remains cautious about geopolitical risks and energy prices.
BofA and Morgan Stanley trading wins
- Bank Earnings Clear Path for Stock Record Highs Bloomberg —
- BofA Sees 60% Jump in Commodities Trading Fueled by Oil and Gold Bloomberg —
- Morgan Stanley traders see massive wins as Ted Pick-led bank posts record results NY Post —
- Morgan Stanley Brings High-Grade Bond Deal After Strong Earnings Bloomberg —
- BofA's trading desk avoided a single daily loss in Q1 amid market turmoil ABC News —