Morgan Stanley and Goldman Sachs Are Investment Banks

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US commercial banks reported quarterly earnings last week and they did poorly two what can you tell us about that? What's interesting for the commercial banks is they had been in 2022, raking it in on what's called net interest income. But JPMorgan is warning, and I think everyone else agrees, that that gap is going to start closing so there'll be less money to be made.

Goldman Sachs’ profits plunged by two-thirds last quarter while Morgan Stanley reported a 40 per cent year-on-year drop in net income, and companies are facing a record number of shareholder proposals about abortion policies. Plus, Beijing is changing tack in its efforts to secure a firmer grip on the country’s technology companies.

Mentioned in this podcast:

Morgan Stanley retains edge over Goldman due to booming wealth unit

China moves to take ‘golden shares’ in Alibaba and Tencent units

China tech stocks stage $700bn recovery rally

Shareholders bring US abortion battle to the boardroom

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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