Homepage / Investment / Wall Street has a new bond trading king as Morgan Stanley dethrones Goldman
Les Gambling establishments en Ligne en France 2024 200% Reward + 300 Free Rotates LevelUp Internet casino Melbourne En İyi ve Güvenilir Casino Siteleri Canlı Casino Siteleri 2023 Listesi En İyi ve Güvenilir Casino Siteleri Canlı Casino Siteleri 2023 Listesi Le meilleur casino en ligne franзais Extra Casino avec le dйpфt minimal le in addition bas Yeni Casino Siteleri ᐈ Çevrimiçi Kumarhaneler Mart 2024 Les gambling establishments en ligne proposent une grande variйtй de jeux de internet casino gratuits. Türkiye’deki Resmi Web Sitesi Google Play, Türkiye’de kumar oyunlarına izin verecek Her Gün Tatil Olsa ORDU’DA PAZARTESİ GÜNÜ FINDIK FİYATI NASIL? كازينو اون لاين الكازينوهات الممتازة على الإنترنت ألعاب الكازينو المباشرة مينا كازينو العر Google Play, Türkiye’de kumar oyunlarına izin verecek Domain Sorgulama & Domain Fýrsatlarý Canlı Casino Siteleri: 2024 Güvenilir Siteler Seçilmiştir Golden Easter Slot İncelemesi 2024, Demoyu Ücretsiz Oynayın Golden Easter Slot İncelemesi 2024, Demoyu Ücretsiz Oynayın 1xbet Türkiye Giriş Empieza Kayıt 202 Kumar Ve Kumarhaneler Hakkında Pek İlginç 21 Bilgi Kumarhane Doğru Yazımı Nedir? Tdk Ile Kumarhane Kelimesinin Doğru Yazılışı! Mobilbahiste En İyi Kumar Bonusları Ve Kazançlar Mobilbahis Giriş Sayfası On Line Casino Siteleri En Iyi Casino Siteleri 2024 Mostbet: Türkiye’de Internet Casino Mostbet Online Slotlar Ve Canlı-casin Pin Up Casino Oyna Türkiye, Pinup’un Sah Web Sites Ifade Haberleri Son Dakika Ifade Hakkında Güncel Haber Ve Bilgiler “önceliğimiz Transferin Önünü Açmak, Görüştüğümüz Yerler Var” On Line Casino Nuh’un Gemisi Deluxe Resort & Spa, Kıbrıs Bonus Veren Siteler 3 000 Den Fazla Online Oyunu Ücretsiz Oyna En Tehlikeli Kumar Oyunu Ekşi Sözlük Deneme Bonusu Veren Siteler Deneme Bonusu 2024 Explore the Magic of WildCardCity Güvenilir Bahis Siteleri En İyi Kumar Siteleri Balıkesir Triatlonuna Avrupadan Ödül Tricks of the Aviator gambling establishment game by Spribe Çevrim Içi Kumar Siteleri “bonus” Yalanıyla Kandırıyor En Güvenilir Canlı On Line Casino Siteleri Xbetting-tips Com Uncovering the Abundant Tapestry of Ozwin Gambling establishment Evaluating Board Portal Providers Uncovering the Wealthy Tapestry of Ozwin On line casino Electronic Data Area Providers Evaluation Cobra Internet casino: Raising the Australian On the internet Video gaming Practical experience 4 Things to Search for in Safeguarded Cloud Safe-keeping Fastpay On line casino Australia – Simple and No-Taxation Wagering Web page officielle franзaise de Joka Gambling establishment The Software Development Universe Game Woo Internet casino – Enjoy Slot machine games around australia Ostdeutsche Biersorten What Are Virtual Data Rooms? Vitamin D Receptor Polymorphisms Revue du Casino BlackLabel Faktory, kterй ovlivnujн hodnocenн ceskэch online kasin How to Make the Most of Your Web Development Organization and Advertising Efforts L’essor des casinos en ligne en France Boost Meeting Efficiency With Boardroom Technology Developments WildJoker Casino WildCardCity On line casino – Guaranteed Australian Gambling Portal WildCardCity Casino – The Ideal On the internet Gambling establishment within australia Modern Technologies Produce Sharing Documents Online Faster and More Protect Free Virtual Info Room pertaining to Speedy Due Diligence A Review of Data Area Software For people who do buiness Five Board Bedroom Features Which will help You Acquire a More Productive Boardroom Electronic Systems To your Business Understanding Legal Terms and Laws in Today’s World The Laws and Contracts of Hollywood: A Sunset Blvd. Tale Legal Discussion Between Johnny Cash and Antonin Scalia Legal Insights: What Teens Should Know Legal Issues and Exceptions: What You Need to Know Legal Insights and Expert Analysis Celebrity Dialogue: Legal Matters in the 21st Century Famous Personalities Discuss Legal Issues The Boys in the Boat: Legal Advisors and The Quest for Legal Knowledge Understanding Legal Matters: Q&A on Criminal Law, Joint Ventures, and More Enticing Title The Departed: Understanding Basic Work Requirements and Legal Rights Youth Slang Blog Article Legal Insights: A Journey into the World of Law The Ins and Outs of Legal Matters: Everything You Need to Know Legal Insights and Trends: A Rap Guide Mysterious Legal Matters Unveiled Insights and Information: Understanding Various Laws and Regulations Famous People of the 21st Century The Circle of Legal Life The Intersection of Fashion Law, Legal Translation, and THC Oil: A Modern Legal Guide Legal Q&A: Understanding Joinder Federal Rules and More Understanding Legal Terms and Conditions: A Comprehensive Guide Understanding Legal Documentation in a Fun Way! Understanding Legal Aspects: From Islamic Law of Inheritance to Farm Law Protests Understanding Legal Rights: A Guide to Legal Regulations and Requirements Understanding Legal Guidelines and Agreements Famous 21st Century People in Conversation Mysterious Legal Matters Unveiled Legal Matters and Real Estate: A Conversation Between Cameron Boyce and Donald Trump Understanding Legal Expertise and Why It Matters Legal FAQs and Expert Services Understanding Legal Ramifications: Common Law Ontario Health Benefits and More The Ins and Outs of Legal Requirements: From FBI Academy Physical Requirements to Silver Lake Fishing Rules The Legal Underworld: Understanding the Significance of Laws and Rights Legal Conversations: A Dialogue Between Jon Jones and Chadwick Boseman Legal Beats: Bobcats, Real Estate, Babysitting, and More

Investment

Wall Street has a new bond trading king as Morgan Stanley dethrones Goldman

Wall Street has a new bond trading king.

While revenue from fixed income fell during a quiet second quarter, Morgan Stanley still managed to come out looking good. On Wednesday, it said fixed income sales and trading revenue of $1.2 billion fell 4 percent from last year, but that beat the stunning 40 percent drop reported Tuesday by rival Goldman Sachs over the same period.

Morgan Stanley has bested Goldman in fixed income revenue for two quarters now, with $2.9 billion of fixed income trading revenue in the first half of the year versus Goldman’s $2.8 billion. It edged out Goldman in the first quarter as well.

Both banks cited a difficult environment in the most recent quarter, with lower client activity. But Morgan Stanley’s overhaul of its bond trading business two years ago, in which it cut one-quarter of its bond trading staff and reshaped the business, has paid off despite weak trading conditions.

“We feel pretty good about the results in light of the environment,” Morgan Stanley CFO Jonathan Puzon said on a conference call Wednesday.

Goldman’s once-mighty commodities trading desk, on the other hand, has stumbled, with its worst quarterly performance on record, helping to weigh on fixed income trading revenue overall. “We know we need to do better,” Goldman’s CFO Martin Chavez said on a conference call with analysts Tuesday.

Other big banks also had trouble in fixed income trading, with Bank of America reporting a 14 percent decline in revenue from last year, Citigroup down 6 percent and JPMorgan down 19 percent. But Goldman’s was the standout.

Analysts had seen Goldman poised to benefit the most from a revival in bond trading, but persistently low volatility has foiled those chances. Chavez admitted on the call that Goldman is struggling with more than just a lack of activity. Its business is focused on trading for active asset managers, with perhaps fewer corporate clients than other firms, he said. Derivatives are a strength but there may be weaknesses elsewhere.

“We’re looking to see where there are gaps in our client coverage,” he told analysts. “And the ongoing question in every business generally is how can we do better with the clients who are already clients of the firm.”

It was the second consecutive disappointing quarter in fixed income for Goldman. Jason Goldberg at Barclays said Goldman’s shares could be constrained until the company’s executives can articulate “what actions it is taking to rectify this line.”

Morgan Stanley has steadily taken on market share in fixed income, currency and commodity trading, according to Keefe Bruyette & Woods. It started out last year with 7.6 percent share and has steadily climbed to 12.1 percent in the first quarter before dipping slightly in the second quarter, to 11.4 percent. But over the same period, Goldman has lost share, dropping from 14.5 percent to 10.4 percent.

KBW downgraded Goldman’s shares on the trading revenue miss, rating them a market perform in a note to clients on Wednesday. Even if bond trading rebounds “it is unclear whether the company would be positioned right if revenues increase or whether the right mix of clients sees better activity,” the analysts said.

Source: Investment Cnbc
Wall Street has a new bond trading king as Morgan Stanley dethrones Goldman

Comments are closed.