Wall Street has enjoyed a second straight year of feverish revenue growth. As 2022 approaches, however, big banks face a major challenge in maintaining that torrid pace of business.
A white-hot market for deals, coupled with strong capital markets and steady demand for financial services from wealthy clients, have led to record results at large banks. At Goldman Sachs Group Inc., revenue reached $46.7 billion this year through Sept. 30 and Morgan Stanley booked $45.2 billion, both record highs. The final quarter of the year is expected to be strong for banks’ revenue as well.