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By Peter Rudegeair, Orla McCaffrey and Ben Eisen A stock-market boom fueled by Reddit-reading individual investors and a burst of companies entering the public markets produced record quarterly profits at Wall Street s biggest banks. Goldman Sachs Group Inc. posted records in quarterly revenue and profit. JPMorgan Chase & Co. notched its highest quarterly profit on record, driven by record revenue from trading stocks. Even Wells Fargo & Co., a minnow on Wall Street, enjoyed its best-ever quarterly profit in corporate and investment banking. The party showed no signs of ending soon. Even after reporting a 73% increase in investment-banking fees, Goldman said the volume of coming transactions in that business at the end of the first quarter stood at a record level.
By Peter Rudegeair, Orla McCaffrey and Ben Eisen A stock-market boom fueled by Reddit-reading individual investors and a burst of companies entering the public markets produced record quarterly profits at Wall Street s biggest banks. Goldman Sachs Group Inc. posted records in quarterly revenue and profit. JPMorgan Chase & Co. notched its highest quarterly profit on record, driven by record revenue from trading stocks. Even Wells Fargo & Co., a minnow on Wall Street, enjoyed its best-ever quarterly profit in corporate and investment banking. The party showed no signs of ending soon. Even after reporting a 73% increase in investment-banking fees, Goldman said the volume of coming transactions in that business at the end of the first quarter stood at a record level.
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04/15/2021 08:00 AM EDT
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