Wall Street trades on AI-mania duration convert

Rival Goldman Sachs on July 14 reported more than $20 billion in revenue in the quarter and earnings per share of $20.98. Its global banking and markets division delivered $7.4 billion in equity trading revenue, a 72% rise from the previous year.

Goldman Sachs and Morgan Stanley are both riding high on tech. Deal fees bulged while they combined for $14 bln in revenue from buying and selling equity. Euphoria abounds, helping close a valuation gap between the duo. The challenge is spinning it into something more lasting.

Morgan Stanley said on July 15 that it generated more than $21 billion in revenue during the second quarter thanks to strong deal activity and wild market swings that propelled the trading business. The investment bank also reached its target of $10 trillion in assets in wealth management.

Earnings per share for the three-month period were $3.46.