MetalGuru
2021-10-11
Good macro environment and many IPO coming !
The Pandemic’s Over for Big Banks. Now Comes the Hard Part.<blockquote>大银行的大流行病已经结束。现在是困难的部分。</blockquote>
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Now Comes the Hard Part.<blockquote>大银行的大流行病已经结束。现在是困难的部分。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135334989","media":"WSJ","summary":"Bank profits are expected to plateau, exposing weak growth in banks’ core businesses\n\nBanks are movi","content":"<p>Bank profits are expected to plateau, exposing weak growth in banks’ core businesses</p><p><blockquote>银行利润预计将趋于稳定，银行核心业务增长疲软</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2b88dc4cfdc4418e94ec02f611067977\" tg-width=\"1184\" tg-height=\"697\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Banks are moving past the pandemic that sent quarterly profits on a wild ride. That is drawing attention to their weak spots.</p><p><blockquote>银行正在摆脱导致季度利润飙升的疫情。这引起了人们对他们弱点的关注。</blockquote></p><p> America’s biggest banks report third-quarter earnings this week, starting with JPMorgan Chase & Co. on Wednesday. Analysts expect banks in the S&P 500 to report aggregate profits of about $31 billion, up about 20% from a year ago but down 20% from the second quarter, according to FactSet. Profits are expected to hold steady in the fourth quarter.</p><p><blockquote>美国最大的银行将于本周公布第三季度财报，摩根大通（JPMorgan Chase & Co.FactSet 的数据显示，分析师预计标普500银行的总利润约为 310 亿美元，比去年同期增长约 20%，但比第二季度下降 20%。预计第四季度利润将保持稳定。</blockquote></p><p> The profit plateau follows a manic 18 months. Banks spent much of 2020 stockpiling tens of billions of dollars to prepare for losses on consumer and commercial loans, which sent their profits down sharply. The improving economy allowed banks to free up most of those loan-loss reserves. Profits rose.</p><p><blockquote>利润平台期是在狂躁的18个月之后出现的。银行在 2020 年的大部分时间里都在囤积数百亿美元，以应对消费者和商业贷款的损失，这导致它们的利润大幅下降。经济的改善使银行能够释放大部分贷款损失准备金。利润上升。</blockquote></p><p> Those pandemic blips concealed lackluster growth in banks’ lending business and temporarily swelled trading revenue. Analysts are trying to figure out what the new normal looks like.</p><p><blockquote>这些大流行病掩盖了银行贷款业务增长乏力和交易收入暂时膨胀的局面。分析人士正试图弄清楚新常态是什么样子。</blockquote></p><p> Bank stocks have been among the year’s best performers, but their hot streak has cooled. The KBW Nasdaq Bank Index, up nearly 40% this year, barely budged in the third quarter.</p><p><blockquote>银行股是今年以来表现最好的股票之一，但它们的火热势头已经冷却。KBW 纳斯达克银行指数今年上涨近 40%，但第三季度几乎没有变化。</blockquote></p><p> Here are a few things to look for in bank earnings this week.</p><p><blockquote>以下是本周银行收益中需要注意的一些事项。</blockquote></p><p> <b>Loan Growth</b></p><p><blockquote><b>贷款增长</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/75a2754df8d0c81b257707685d7bbd6d\" tg-width=\"973\" tg-height=\"696\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The U.S. government’s efforts to keep the economy afloat during the pandemic left individuals and businesses flush with cash. That means they aren’t borrowing.</p><p><blockquote>美国政府在大流行病期间为维持经济运转所做的努力，让个人和企业现金充裕。这意味着他们没有借钱。</blockquote></p><p> Total loans at U.S. banks are up just 1% since the end of June, according to Federal Reserve data.</p><p><blockquote>美联储数据显示，自 6 月底以来，美国银行贷款总额仅增长了 1%。</blockquote></p><p> Last quarter, bank executives said increased credit-card spending, especially on travel and dining,would fuel loan growth. Instead, customers are paying off their balances and businesses aren’t drawing down loans, executives have said at recent conferences. Hopes are now resting on the coming holiday season.</p><p><blockquote>上季度，银行高管表示，信用卡支出的增加，尤其是旅行和餐饮支出的增加，将推动贷款增长。高管们在最近的会议上表示，相反，客户正在还清余额，企业也没有提取贷款。希望现在寄托在即将到来的假期上。</blockquote></p><p> “Though loan growth has been slow to recover, we believe that we have reached the inflection point,”Goldman Sachs bank analysts wrote.</p><p><blockquote>“高盛银行分析师写道：”尽管贷款增长恢复缓慢，但我们相信我们已经达到了拐点。</blockquote></p><p> <b>Interest Rates</b></p><p><blockquote><b>利率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/adb08678b2982d958f27c2c5aa9c7799\" tg-width=\"959\" tg-height=\"679\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Federal Reserve has kept interest rates near zero, depressing banks’ lending profits.</p><p><blockquote>美联储将利率维持在接近于零的水平，压低了银行的贷款利润。</blockquote></p><p> Net interest margin, the amount banks make on lending minus what they pay on deposits, fell again in the second quarter, plumbing a new low, according to the Federal Deposit Insurance Corp.</p><p><blockquote>根据联邦存款保险公司的数据，净息差（银行贷款金额减去存款金额）在第二季度再次下降，创下新低。</blockquote></p><p> Analysts aren’t predicting much of an improvement in the third quarter. At the four biggest banks—JPMorgan, Bank of America Corp.,Citi group Inc. and Wells Fargo & Co.—analysts expect both lending profits and margins to remain flat for the fifth straight quarter.</p><p><blockquote>分析师预计第三季度不会有太大改善。四大银行——摩根大通、美国银行、花旗集团和富国银行——分析师预计贷款利润和利润率将连续第五个季度持平。</blockquote></p><p> The Fed isn’t likely to raise rates until next year. Bank executives can expect to face questions about how much they can make when rates increase, and what will happen if the Fed doesn’t move as expected.</p><p><blockquote>美联储不太可能在明年之前加息。银行高管可能会面临这样的问题：利率上升时他们能赚多少钱，以及如果美联储不按预期采取行动会发生什么。</blockquote></p><p> <b>Markets</b></p><p><blockquote><b>市场</b></blockquote></p><p> Frenetic trading activity has been a bright spot for Wall Street since Covid-19 tore through the economy,but it is fading.</p><p><blockquote>自新冠肺炎 (Covid-19) 摧毁经济以来，狂热的交易活动一直是华尔街的一个亮点， 但这种情况正在消退。</blockquote></p><p> Stock-trading revenue is still above pre-pandemic levels, bank executives have said at recent conferences, but fixed-income revenue is expected to tumble.</p><p><blockquote>银行高管在最近的会议上表示，股票交易收入仍高于大流行前的水平，但固定收益收入预计将大幅下降。</blockquote></p><p> Deutsche Bank analysts projected a 5% increase in markets revenue among banks it covers, with a 14% increase in equities trading. They expect a 20% drop in fixed-income, currencies and commodities revenue.</p><p><blockquote>德意志银行分析师预计，其覆盖的银行的市场收入将增长 5%，其中股票交易将增长 14%。他们预计固定收益、货币和大宗商品收入将下降 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df4236b4a8d43321fa9f783fc78151dc\" tg-width=\"959\" tg-height=\"757\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Still, one big business is booming: investment banking. Global mergers are on a record pace and underwriting volumes are high, particularly for initial public offerings and high-yield bonds.</p><p><blockquote>尽管如此，有一项大生意正在蓬勃发展：投资银行。全球合并正以创纪录的速度进行，承销量也很高，尤其是首次公开募股和高收益债券。</blockquote></p><p> Jefferies Financial Group Inc.’s fiscal third-quarter results, released Sept. 30, offer a glimpse of the environment bigger rivals are seeing. The firm’s investment-banking fees doubled, hitting a record. Chief Executive Richard Handler said Jefferies’s backlog of potential deals was as big as it has ever been.</p><p><blockquote>杰富瑞金融集团公司（Jefferies Financial Group Inc.该公司的投资银行业务手续费翻了一番，创下历史新高。杰富瑞首席执行官理查德-汉德勒（Richard Handler）说，杰富瑞积压的潜在交易比以往任何时候都多。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Pandemic’s Over for Big Banks. Now Comes the Hard Part.<blockquote>大银行的大流行病已经结束。现在是困难的部分。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Pandemic’s Over for Big Banks. Now Comes the Hard Part.<blockquote>大银行的大流行病已经结束。现在是困难的部分。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-10-11 11:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bank profits are expected to plateau, exposing weak growth in banks’ core businesses</p><p><blockquote>银行利润预计将趋于稳定，银行核心业务增长疲软</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2b88dc4cfdc4418e94ec02f611067977\" tg-width=\"1184\" tg-height=\"697\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Banks are moving past the pandemic that sent quarterly profits on a wild ride. That is drawing attention to their weak spots.</p><p><blockquote>银行正在摆脱导致季度利润飙升的疫情。这引起了人们对他们弱点的关注。</blockquote></p><p> America’s biggest banks report third-quarter earnings this week, starting with JPMorgan Chase & Co. on Wednesday. Analysts expect banks in the S&P 500 to report aggregate profits of about $31 billion, up about 20% from a year ago but down 20% from the second quarter, according to FactSet. Profits are expected to hold steady in the fourth quarter.</p><p><blockquote>美国最大的银行将于本周公布第三季度财报，摩根大通（JPMorgan Chase & Co.FactSet 的数据显示，分析师预计标普500银行的总利润约为 310 亿美元，比去年同期增长约 20%，但比第二季度下降 20%。预计第四季度利润将保持稳定。</blockquote></p><p> The profit plateau follows a manic 18 months. Banks spent much of 2020 stockpiling tens of billions of dollars to prepare for losses on consumer and commercial loans, which sent their profits down sharply. The improving economy allowed banks to free up most of those loan-loss reserves. Profits rose.</p><p><blockquote>利润平台期是在狂躁的18个月之后出现的。银行在 2020 年的大部分时间里都在囤积数百亿美元，以应对消费者和商业贷款的损失，这导致它们的利润大幅下降。经济的改善使银行能够释放大部分贷款损失准备金。利润上升。</blockquote></p><p> Those pandemic blips concealed lackluster growth in banks’ lending business and temporarily swelled trading revenue. Analysts are trying to figure out what the new normal looks like.</p><p><blockquote>这些大流行病掩盖了银行贷款业务增长乏力和交易收入暂时膨胀的局面。分析人士正试图弄清楚新常态是什么样子。</blockquote></p><p> Bank stocks have been among the year’s best performers, but their hot streak has cooled. The KBW Nasdaq Bank Index, up nearly 40% this year, barely budged in the third quarter.</p><p><blockquote>银行股是今年以来表现最好的股票之一，但它们的火热势头已经冷却。KBW 纳斯达克银行指数今年上涨近 40%，但第三季度几乎没有变化。</blockquote></p><p> Here are a few things to look for in bank earnings this week.</p><p><blockquote>以下是本周银行收益中需要注意的一些事项。</blockquote></p><p> <b>Loan Growth</b></p><p><blockquote><b>贷款增长</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/75a2754df8d0c81b257707685d7bbd6d\" tg-width=\"973\" tg-height=\"696\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The U.S. government’s efforts to keep the economy afloat during the pandemic left individuals and businesses flush with cash. That means they aren’t borrowing.</p><p><blockquote>美国政府在大流行病期间为维持经济运转所做的努力，让个人和企业现金充裕。这意味着他们没有借钱。</blockquote></p><p> Total loans at U.S. banks are up just 1% since the end of June, according to Federal Reserve data.</p><p><blockquote>美联储数据显示，自 6 月底以来，美国银行贷款总额仅增长了 1%。</blockquote></p><p> Last quarter, bank executives said increased credit-card spending, especially on travel and dining,would fuel loan growth. Instead, customers are paying off their balances and businesses aren’t drawing down loans, executives have said at recent conferences. Hopes are now resting on the coming holiday season.</p><p><blockquote>上季度，银行高管表示，信用卡支出的增加，尤其是旅行和餐饮支出的增加，将推动贷款增长。高管们在最近的会议上表示，相反，客户正在还清余额，企业也没有提取贷款。希望现在寄托在即将到来的假期上。</blockquote></p><p> “Though loan growth has been slow to recover, we believe that we have reached the inflection point,”Goldman Sachs bank analysts wrote.</p><p><blockquote>“高盛银行分析师写道：”尽管贷款增长恢复缓慢，但我们相信我们已经达到了拐点。</blockquote></p><p> <b>Interest Rates</b></p><p><blockquote><b>利率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/adb08678b2982d958f27c2c5aa9c7799\" tg-width=\"959\" tg-height=\"679\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Federal Reserve has kept interest rates near zero, depressing banks’ lending profits.</p><p><blockquote>美联储将利率维持在接近于零的水平，压低了银行的贷款利润。</blockquote></p><p> Net interest margin, the amount banks make on lending minus what they pay on deposits, fell again in the second quarter, plumbing a new low, according to the Federal Deposit Insurance Corp.</p><p><blockquote>根据联邦存款保险公司的数据，净息差（银行贷款金额减去存款金额）在第二季度再次下降，创下新低。</blockquote></p><p> Analysts aren’t predicting much of an improvement in the third quarter. At the four biggest banks—JPMorgan, Bank of America Corp.,Citi group Inc. and Wells Fargo & Co.—analysts expect both lending profits and margins to remain flat for the fifth straight quarter.</p><p><blockquote>分析师预计第三季度不会有太大改善。四大银行——摩根大通、美国银行、花旗集团和富国银行——分析师预计贷款利润和利润率将连续第五个季度持平。</blockquote></p><p> The Fed isn’t likely to raise rates until next year. Bank executives can expect to face questions about how much they can make when rates increase, and what will happen if the Fed doesn’t move as expected.</p><p><blockquote>美联储不太可能在明年之前加息。银行高管可能会面临这样的问题：利率上升时他们能赚多少钱，以及如果美联储不按预期采取行动会发生什么。</blockquote></p><p> <b>Markets</b></p><p><blockquote><b>市场</b></blockquote></p><p> Frenetic trading activity has been a bright spot for Wall Street since Covid-19 tore through the economy,but it is fading.</p><p><blockquote>自新冠肺炎 (Covid-19) 摧毁经济以来，狂热的交易活动一直是华尔街的一个亮点， 但这种情况正在消退。</blockquote></p><p> Stock-trading revenue is still above pre-pandemic levels, bank executives have said at recent conferences, but fixed-income revenue is expected to tumble.</p><p><blockquote>银行高管在最近的会议上表示，股票交易收入仍高于大流行前的水平，但固定收益收入预计将大幅下降。</blockquote></p><p> Deutsche Bank analysts projected a 5% increase in markets revenue among banks it covers, with a 14% increase in equities trading. They expect a 20% drop in fixed-income, currencies and commodities revenue.</p><p><blockquote>德意志银行分析师预计，其覆盖的银行的市场收入将增长 5%，其中股票交易将增长 14%。他们预计固定收益、货币和大宗商品收入将下降 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df4236b4a8d43321fa9f783fc78151dc\" tg-width=\"959\" tg-height=\"757\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Still, one big business is booming: investment banking. Global mergers are on a record pace and underwriting volumes are high, particularly for initial public offerings and high-yield bonds.</p><p><blockquote>尽管如此，有一项大生意正在蓬勃发展：投资银行。全球合并正以创纪录的速度进行，承销量也很高，尤其是首次公开募股和高收益债券。</blockquote></p><p> Jefferies Financial Group Inc.’s fiscal third-quarter results, released Sept. 30, offer a glimpse of the environment bigger rivals are seeing. The firm’s investment-banking fees doubled, hitting a record. Chief Executive Richard Handler said Jefferies’s backlog of potential deals was as big as it has ever been.</p><p><blockquote>杰富瑞金融集团公司（Jefferies Financial Group Inc.该公司的投资银行业务手续费翻了一番，创下历史新高。杰富瑞首席执行官理查德-汉德勒（Richard Handler）说，杰富瑞积压的潜在交易比以往任何时候都多。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/the-pandemics-over-for-big-banks-now-comes-the-hard-part-11633874580?mod=markets_lead_pos2\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利","JPM":"摩根大通","GS":"高盛","BAC":"美国银行","C":"花旗","WFC":"富国银行"},"source_url":"https://www.wsj.com/articles/the-pandemics-over-for-big-banks-now-comes-the-hard-part-11633874580?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135334989","content_text":"Bank profits are expected to plateau, exposing weak growth in banks’ core businesses\n\nBanks are moving past the pandemic that sent quarterly profits on a wild ride. That is drawing attention to their weak spots.\nAmerica’s biggest banks report third-quarter earnings this week, starting with JPMorgan Chase & Co. on Wednesday. Analysts expect banks in the S&P 500 to report aggregate profits of about $31 billion, up about 20% from a year ago but down 20% from the second quarter, according to FactSet. Profits are expected to hold steady in the fourth quarter.\nThe profit plateau follows a manic 18 months. Banks spent much of 2020 stockpiling tens of billions of dollars to prepare for losses on consumer and commercial loans, which sent their profits down sharply. The improving economy allowed banks to free up most of those loan-loss reserves. Profits rose.\nThose pandemic blips concealed lackluster growth in banks’ lending business and temporarily swelled trading revenue. Analysts are trying to figure out what the new normal looks like.\nBank stocks have been among the year’s best performers, but their hot streak has cooled. The KBW Nasdaq Bank Index, up nearly 40% this year, barely budged in the third quarter.\nHere are a few things to look for in bank earnings this week.\nLoan Growth\n\nThe U.S. government’s efforts to keep the economy afloat during the pandemic left individuals and businesses flush with cash. That means they aren’t borrowing.\nTotal loans at U.S. banks are up just 1% since the end of June, according to Federal Reserve data.\nLast quarter, bank executives said increased credit-card spending, especially on travel and dining,would fuel loan growth. Instead, customers are paying off their balances and businesses aren’t drawing down loans, executives have said at recent conferences. Hopes are now resting on the coming holiday season.\n“Though loan growth has been slow to recover, we believe that we have reached the inflection point,”Goldman Sachs bank analysts wrote.\nInterest Rates\n\nThe Federal Reserve has kept interest rates near zero, depressing banks’ lending profits.\nNet interest margin, the amount banks make on lending minus what they pay on deposits, fell again in the second quarter, plumbing a new low, according to the Federal Deposit Insurance Corp.\nAnalysts aren’t predicting much of an improvement in the third quarter. At the four biggest banks—JPMorgan, Bank of America Corp.,Citi group Inc. and Wells Fargo & Co.—analysts expect both lending profits and margins to remain flat for the fifth straight quarter.\nThe Fed isn’t likely to raise rates until next year. Bank executives can expect to face questions about how much they can make when rates increase, and what will happen if the Fed doesn’t move as expected.\nMarkets\nFrenetic trading activity has been a bright spot for Wall Street since Covid-19 tore through the economy,but it is fading.\nStock-trading revenue is still above pre-pandemic levels, bank executives have said at recent conferences, but fixed-income revenue is expected to tumble.\nDeutsche Bank analysts projected a 5% increase in markets revenue among banks it covers, with a 14% increase in equities trading. They expect a 20% drop in fixed-income, currencies and commodities revenue.\n\nStill, one big business is booming: investment banking. Global mergers are on a record pace and underwriting volumes are high, particularly for initial public offerings and high-yield bonds.\nJefferies Financial Group Inc.’s fiscal third-quarter results, released Sept. 30, offer a glimpse of the environment bigger rivals are seeing. The firm’s investment-banking fees doubled, hitting a record. Chief Executive Richard Handler said Jefferies’s backlog of potential deals was as big as it has ever been.","news_type":1,"symbols_score_info":{"GS":0.9,"WFC":0.9,"C":0.9,"JPM":0.9,"MS":0.9,"BAC":0.9}},"isVote":1,"tweetType":1,"viewCount":1118,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":37,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/828572143"}
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