It’s hard to destroy a bank by giving rich people financial advice. Which may be why everyone tends to forget about wealth management during results and focuses on investment banking. But, as Morgan Stanley and Bank of America showed again on yesterday, investment banking is actually mundanely cyclical. This quarter, both banks made bumper profits, helping share prices higher. But it is swings and roundabouts.
為富人提供財務咨詢很難毀掉一家銀行。可能正因如此，在銀行業績發布期間，人們都傾向于忽視財富管理業務，而把關注的焦點放在投行業務。但正如摩根士丹利(Morgan Stanley)和美國銀行(Bank of America)不久前再次顯示的，投行業務實際上通常具有周期性。今年第一季度，摩根士丹利和美銀均獲利頗豐，從而推高了它們的股價。但是有得有失。
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