How do the world's biggest banks and investment firms actually make their money?
In this episode, Anthony Cheung and Piers Curran break down the latest Wall Street earnings from JPMorgan, Goldman Sachs, Morgan Stanley and BlackRock, revealing the business models driving billions in profits.
We explore how JPMorgan has built a record-breaking $100 billion net interest income machine, why Goldman Sachs is benefiting from the SpaceX IPO, and how rising bond yields and volatile stock markets are creating very different fortunes across investment bank trading desks.
We also unpack BlackRock's extraordinary $15.5 trillion in assets under management, its expansion into private credit and the hidden power of its Aladdin technology platform. Meanwhile, Morgan Stanley's wealth management business is booming, fuelled by newly wealthy SpaceX shareholders and the prospect of the largest intergenerational wealth transfer in history.
Finally, we ask which financial giant has the stronger long-term business model: JPMorgan or BlackRock? And with inflation rising, interest rates under pressure and the AI investment boom facing a crucial earnings season, what could come next for Wall Street?
00:00 How Wall Street Makes Money
01:07 Wall Street Earnings & Inflation
06:43 Is the AI Boom at Risk?
11:28 Why Bond Trading Is Struggling
15:58 JPMorgan's $100bn Money Machine
20:49 The Great Mortgage Risk
26:14 Goldman Sachs & SpaceX
29:33 Anthropic's IPO Plans
34:15 BlackRock's $15.5 Trillion Empire
42:43 Roles in Asset Management
46:30 Morgan Stanley's Wealth Boom
53:36 JPMorgan vs BlackRock: Who Wins?
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