, Columnist
Wall Street Outpaces Main Street in Post-Pandemic Recovery
Goldman Sachs and JPMorgan Chase highlight how it’s easier to bet on companies than consumers.
Mom and pop are sitting on cash. Businesses are deploying it.
Photographer: Timothy A. Clary/AFP/Getty Images
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It has almost become a mundane truth in the direct aftermath of a crisis: If Main Street is doing well, Wall Street is doing even better.
This time around is no different, as illustrated by second-quarter earnings from JPMorgan Chase & Co. and Goldman Sachs Inc. Banking was the clear bright spot, with JPMorgan posting a record quarter for dealmaking and Goldman reporting a 36% increase in revenue in its investment-banking group.