The five largest banks in America just keep gobbling up victories, according to the latest Wells Fargo report. Titled “Goliath is winning in Capital Markets," the report obtained by Fortune shows how the best rolling four quarter capital market improvement in five years has supercharged big bank revenue from stocks, bonds and other long-term investments.
All five of the banks—JP Morgan Chase & Co., Citigroup, Bank of America, Goldman Sachs and Morgan Stanley— exceeded Wells Fargo’s conservative model last quarter, with capital markets revenue—generated by charging a fee for providing liquidity to markets—increasing 25% across the board after declining every year since 2020. Total capital markets revenue for all five banks was $128 billion last year, and is expected to hit $139.4 billion next year.
