CORPORATE RESULTS
High expectations for top investment banks to deliver another miracle
New York — Pressure is mounting on Goldman Sachs and Morgan Stanley to deliver another minor miracle this week as their firms are expected to post results from what was thought to be a tough quarter for investment banking. On Friday, Citigroup and JPMorgan Chase announced surprisingly strong revenue from advising companies on mergers and raising capital in the second quarter. That lifted the bar for Goldman Sachs Group and Morgan Stanley, Wall Street’s top takeover advisers. They report their results this Tuesday and Wednesday, respectively. Shareholders had worried that investment banking might suffer as some corporate clients delayed acquisitions and capital investments ahead of a global trade war. Banks grew all the more dependent on handling those deals in past quarters, when geopolitical tensions prompted fixed-income investors to hit the brakes on trading. Bloomberg
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