00:00The big six U.S. banks just reported fourth quarter earnings.
00:03Here's what you need to know.
00:04J.P. Morgan kicked things off, and at first glance, investment banking was the weak spot.
00:08Deal fees came in softer than expected, which caught some investors off guard,
00:12especially since the bank had guided for a small increase just a month ago.
00:17But Zoom out, and J.P. Morgan, along with the rest of the big banks,
00:21is still on track for one of its strongest years ever,
00:24helped by policy shifts coming out of the Trump administration.
00:26Now compare that with what's happening in markets and asset management,
00:30because that's where things really heated up.
00:32BlackRock closed out the year in a league of its own.
00:34Assets under management climbed to a staggering $14 trillion,
00:38as money kept flowing into ETFs and private markets.
00:41BlackRock is clearly positioning itself beyond just public stocks and bonds,
00:45especially for wealthy investors and retirement plans like 401ks.
00:48Then there's Bank of America, where equity traders had their best fourth quarter ever.
00:53Why? Volatility.
00:55Tariffs, geopolitics, and constantly shifting expectations
00:58kept clients trading.
01:00And banks made more money every time they did.
01:02Goldman Sachs took that to another level.
01:04The firm posted a record $4.3 billion in equities trading in the fourth quarter,
01:10showing just how profitable volatility can be for the biggest Wall Street players.
01:14So what's the takeaway from fourth quarter earnings so far?
01:17Volatility is back, and banks that thrive on trading are cashing in.
01:20The one thing still missing?
01:22Deal making.
01:22Investment banking hasn't really found its footing yet,
01:25and that's the piece investors are waiting on.
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