We Desperately Need New Banking

By |2015-07-21T17:31:10-04:00July 21st, 2015|Economy, Federal Reserve/Monetary Policy, Markets|

Last week, Goldman Sachs reported a nearly 30% drop in FICC revenue, far and away the largest decline among the major money dealers. That compared to -10% for JP Morgan’s FICC, and -9.3% at BofAML. There are a couple reasons for the disparity but the largest, at least what you can make out from the bank’s balance sheet, traces back [...]