Earnings season is here, and Wall Street’s heavyweights came out swinging. Anthony and Piers unpack how Goldman Sachs and Morgan Stanley crushed Q2, driven by record trading revenues and a surprise rebound in deal flow.
They explore Morgan Stanley’s booming wealth arm with $59 billion in fresh inflows, and how JP Morgan’s universal model is thriving, from trading floors to retail lending. Plus, BlackRock’s puzzling $52 billion client pullout, a bond ETF surge, and crypto ETFs making noise.
Also: inflation surprises in the UK and US, and Trump’s “Twaco” trade rakes in $64 billion in tariff revenue.
A easy to understand breakdown of the macro forces steering the summer markets.
(00:00) Intro & Themes in Focus
(01:30) Goldman Sachs, Morgan Stanley Earnings
(08:07) The Goldman Model Business Explained
(10:01) What is FICC and Equities in a Bank?
(16:18) Wealth Management and Its Importance
(20:46) J.P. Morgan: How a Universal Bank Works
(24:35) BlackRock Q2 earnings summary
(31:30) Inflation Trends in the UK and US
(39:44) Trump Tariff Revenues & TWACO