Wall Street banks returned a record amount of capital to shareholders last quarter, fueled by surging profits and relaxed capital rules. This environment allowed executives to ramp up stock buybacks significantly. The confidence stems from a robust earnings season where several major firms exceeded expectations, signaling a strong end to the year for the financial sector.

Morgan Stanley’s debt bankers posted a staggering 93% revenue jump, capping a record year for that division. Goldman Sachs Group Inc. led equities trading with an all-time Wall Street record of $4.31 billion in the final quarter. These results highlight how market volatility and client activity translated into exceptional trading performance across the Street.

Meanwhile, BlackRock Inc. captured $342 billion in new client cash, pushing its total assets to a record $14 trillion. The firm’s aggressive integration of recent acquisitions is cementing its dominance in private markets. This scale gives BlackRock immense influence over global capital flows and positions it as a central player in the ongoing shift toward alternative investments.