...Equities Buoy Results: Higher equity underwriting and equity trading revenues once again helped propel the five banks included in this report to good capital markets results during 3Q18, which were roughly flat from the prior year period. Overall investment bank results were stronger at GS and MS, as compared to the universal banks: BAC, C and JPM. Overall Trading Results Unchanged from Prior Year: Trading revenue increased a little over 1% year over year with an 8% increase in equity trading offsetting a decline in fixed income trading. Tailwind from Taxes: Due to still benign credit costs, controlled expense growth, higher interest rates and the considerable tailwind from tax legislation, quarterly net income was approximately 22% higher on average for these five banks, as compared to the same period a year ago. Performance Falls Off Throughout Year: As typical each year, each successive quarter's capital markets revenues decrease throughout the year, with the first quarter typically...
