Wall Street Bosses See Windfall Lasting, Fueling Pay and Hiring
- Citi says it’s been adding dealmakers amid frenzy of takeovers
- JPMorgan sees higher compensation costs to reward performance
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The dealmaking and trading windfall that the pandemic unleashed on Wall Street firms just keeps piling up as the economy recovers -- and U.S. banking leaders are pointing to signs that it’s far from over.
A fresh round of earnings reports by five of the nation’s largest lenders included revenue hauls from investment banking at Morgan Stanley and Bank of America Corp. that were at or near record levels, and dramatic surges in equities trading across the industry, such as a surprising 40% jump at Citigroup Inc. Closely watched Goldman Sachs Group Inc. reports its third-quarter results Friday.