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Whether you love or hate these guys, they know how to make money. Both Goldman Sachs (GS) and JP Morgan Chase (JPM) made money every single business day in the first quarter.Goldman recorded a profit of $25 million dollars on each of the 63 trading days in Q1. They made $100 million dollars a day on 35 occasions.
JP Morgan has a loss-free quarter, making $118 million a day, averaging $5 million an hour. Goldman led the group in revenues, while JP Morgan was first in investment banking work.
The 14 largest investment banks logged in $78 billion in the first quarter.
Some analysts see these large profits as ammunition for politicians to impose a strict tax on bank profits.
The profit mix has changed considerably since 2007, when only 7% of revenue came from fixed income, currencies and commodities (FICC). The latest numbers indicate that 61% of revenues comes from FICC.
It should be noted that the first quarter is usually the strongest, accounting for one-third of yearly revenue.
Whatever you think of Goldman and JP Morgan, they make loads of money. Money is their product. Stockholders must be cheering them on.
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