Goldman, Morgan Stanley and JPMorgan make the case for higher valuations by separating from the pack

Even within Wall Street, there are haves and have-nots.

Banks just finished reporting results for the final three months of 2020, and the gap in lucrative trading fees earned at Wall Street’s Big Three – JPMorgan Chase, Goldman Sachs and Morgan Stanley – and the rest of the world’s capital markets players has never been bigger.

While the three biggest players racked up stock and bond-trading revenue that exceeded analysts’ expectations by almost $1 billion combined in the quarter, driving earnings beats for the companies, others fared less well. Bank of America‘s fixed-income traders produced $370 million less revenue than expected, for instance, and Citigroup‘s bond traders essentially matched expectations.