, in reporting profits that beat earnings forecasts in the first quarter. The lenders raked more income thanks to higher interest rates and stayed resilient despite the industry tumult.
Investment banking revenue was better than expected, but still low, Oppenheimer analyst Chris Kotowski wrote in a note to clients. Stock trading revenue sank 14% to $2.7 billion as equity markets fell, while fixed income revenue declined 12% to $2.5 billion.
Of course wealth management shines. When you look at the way income inequality has accelerated due to the previous tax giveaway to the rich why wouldn't it.
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