Dec 13, 2010
Two agonizing years for the U.S. economy have been some of the best years on record for Wall Street.
After first receiving billions in taxpayer aid, and now ultracheap funding from the Federal Reserve, Wall Street banks are on track to wrap up two of their best years ever.
Even if the current quarter only matches the third in revenue, this year will be the second best ever for Wall Street, capping a two-year winning streak fueled by government dollars, Bloomberg reports. With more than $100 billion in their pockets from the Troubled Asset Relief Program, which offered them hundreds of billions more, the five biggest investment banks — Goldman Sachs, JPMorgan, Bank of America, Citigroup and Morgan Stanley — have seen their revenue this year climb to $93.7 billion.
“This is a once-in-a-lifetime opportunity for most of these banks, and I think they’ve recognized it as that,” finance professor Charles Geisst told Bloomberg.
This article was posted: Monday, December 13, 2010 at 11:07 am