When America’s top bankers next meet for their periodic get-together to talk shop, bitch about regulation and issue directives to the secret world government, you can expect a somewhat different dynamic. That’s because God has decided to give the Job treatment to his chosen bank, Goldman Sachs, for a while. And while you might expect Brian Moynihan to be too shy to make the most of his (probably only) opportunity to rub Lloyd Blankfein’s face in his success—that is, assuming he’s recovered from the shock of it and is able to communicate again—and Mike Corbat to go with the, “I’ve been there, brother,” routine, there’s no way Lloyd will be able to miss the shit-eating, “this went even better than I expected” grin plastered across Morgan Stanley chief James Gorman’s Down Under sheep-fucking face.
The biggest surprise was $1.71 billion in revenue from Morgan Stanley’s fixed-income desk, which trades corporate and government bonds, currencies and commodities. For years the runt of the Wall Street litter, the business is showing steady progress after a leadership change and a raft of layoffs last year.
The unit has now strung together four quarters of $1 billion-plus revenue, a goal cautiously laid out 10 months ago by Chief Executive James Gorman. And this quarter, the fixed-income desk added another feather to its cap: besting Goldman, which reported $1.69 billion in fixed-income trading revenue.