Prime Brokerage Boom Drives Huge Q3 Windfall for Wall Street Banks
Wall Street saw a surge in profits during the third quarter thanks to a booming prime brokerage business. Major banks lent cash and securities to hedge funds executing large trades. JPMorgan, Morgan Stanley, Bank of America, Goldman Sachs, and Citigroup all reported strong results. JPMorgan’s equity market revenue rose 33%, and Morgan Stanley’s equities revenue…