Goldman, JPMorgan Traders Show the Reddit Crowd How It’s Done
- SPACs and meme stocks feed windfalls for big Wall Street banks
- Goldman traders beat highest analyst estimates by $2 billion
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A quarter that began with retail investors declaring the end of the status quo on Wall Street just ended with big banks tallying surprisingly massive hauls.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. -- two of the most gilded names in finance -- kicked off bank earnings season with revenue windfalls from trading and dealmaking, defying warnings from within the industry that good times couldn’t last. The boon was thanks in part to the burgeoning optimism of little investors who tried to stage a trading revolution in January.