Banks reported strong revenues in Q2 2024, with Goldman Sachs surpassing Morgan Stanley in terms of equities trading revenue over Q2 2024, despite recording lower overall revenue over the quarter.
Morgan Stanley saw significant growth in equities trading revenue quarter-over-quarter (QoQ), up 6.8% to US $3 billion in Q2 2024. Bank of America also saw an increase here, with revenues rising by 3.6% QoQ to US $1.9 billion.
Despite being the only of the three banks to see a decrease in equities trading revenue, down 3% QoQ, Goldman Sachs retained top spot with a recorded US $3.18 billion in Q2 2024.
On the bank’s results, Goldman Sachs CEO and chairman David Solomon commented: “We are pleased with our solid second quarter results and our overall performance in the first half of the year. Our One Goldman Sachs operating approach is allowing us to bring the whole firm to our clients, deepening our relationships and serving them in an improving, but complex environment.”
This sentiment was shared by Bank of America’s chief financial officer Alastair Borthwick, who said: “Our diverse businesses leveraged our innovative platforms and services, attracting new client relationships and delivering for our clients, shareholders and the communities we serve.”
In terms of underwriting, Goldman Sachs again topped the charts with a reported US $423 million in revenue. Morgan Stanley followed with US $352 million, while Bank of America trailed at US $300 million.
On the quarter’s results, Ted Pick, CEO of Morgan Stanley, stated: “The firm delivered another strong quarter in an improving capital markets environment. We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders.”
©Markets Media Europe 2024
