Finance
Plain Old Trading Picked Up the Slack at Wall Street Banks
- Traders at five of Wall Street’s biggest banks beat estimates
- Income from loans disappoints as shine from higher rates fades
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Wall Street’s traders are picking up the slack as income from lending slumps across the industry.
In a rare sweep, fixed-income and equities traders at five of the largest US banks beat estimates for the first quarter. Altogether they posted nearly $2 billion more from trading than analysts expected, eking out a small gain from a year ago in defiance of an anticipated decline.