Good morning. In the battle for top financial centers in the U.S., the latest bonus season looks promising for New York City and the state. The nation's biggest banks have been reporting gangbuster profits so far; third-quarter results will come next week, when investors and finance professionals will get the latest clues on the health of financial services firms, my colleague Ben Glickman reports.
The industry overall is on pace for more than $90 billion in profits, according to fresh data from New York State Comptroller Thomas Di Napoli. That in turn is good for the upcoming bonus season—and regional finance professionals and the local economy. I asked Ben why: What is driving this record bonus boom? Bonuses track with Wall Street's results, more or less, and times are very, very good in finance.
Markets are volatile, which is good for banks' businesses facilitating trades on behalf of clients, and the AI boom demands seemingly endless new financing. JPMorgan Chase CEO Jamie Dimon last quarter literally said,.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing