U.S. Bank Earnings Round Two

Three of Wall Street’s largest investment banks slashed their first-half compensation pools for employees by the most in at least four years. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley collectively reduced the amount of money they set aside for employee pay in the first and second quarters by 17 percent to $19 billion to shore up profits, according to data compiled by Bloomberg from regulatory filings. That’s a steep drop from last year, when the three firms’ investment-banking divisions increased first-half compensation 4 percent to $22.9 billion. Atlantic Equities Analyst Christopher Wheeler discusses with Bloomberg's Manus Cranny on "The Pulse."

Full Show: Surveillance (09/18)
19:56 - Bloomberg Surveillance hosted by Tom Keene and Francine Lacqua. Guests include Anthony Crescenzi, portfolio manager at Pimco, Stewart Butterfield, chief executive officer at Slack, and Jan Dehn, global head of research at Ashmore Group. (Source: Bloomberg)
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