Fewer swaggering bankers, more dull mortgage advisers, please. That has been the message for Wall Street’s bulge-bracket banks in 2019. It will not protect against drab results, as the third-quarter earnings season that kicks off this week is likely to show.

Investors have cheered banks with strong retail banking operations and left behind those without. Shares in Bank of America, Citigroup and JPMorgan are up 13%-30% so far in 2019. Even Goldman Sachs, long a symbol of cut-throat trading, has been rewarded for its pivot into consumer services, credit cards and transaction banking, with the stock up more than 18%.

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