Jul
19
Banks’ Asset Managers Embrace Calm Markets That Crippled Traders
By-
Wealth, asset-management units benefit from stock-market rally
-
Divisions at three banks post record profits as fees climb
Wall Street’s bond traders may abhor the lack of volatility that’s overcome markets. But their colleagues who are managing other people’s money certainly seem to like it.
Calm and climbing markets gave a boost to wealth- and asset-management arms at the largest U.S. banks, driving revenue in those units to a record $18.4 billion in the second quarter, according to data compiled by Bloomberg. Divisions at JPMorgan Chase & Co. and Bank of America Corp. had their highest-ever profit, helping to cushion lower trading results across the firms…
Banks’ Asset Managers Embrace Calm Markets That Crippled Traders
