Danny Berger

This might be the reason, because even though they have a huge beat when it comes to equity tradings, a huge miss when it comes to their FIC expectations.

$4 billion as revenue is what comes in for FIC trading.

The estimate was closer to $5 billion, so they're off by about $0.8 billion, which is a disappointment for this market because many had expected equities trading revenue to be strong.

Elsewhere, M&A results, advisory fees 89% higher than this time last year.

We knew it was a record quarter for M&A for the entirety of this market, so Goldman Sachs earnings reflecting that too.

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Equities trading revenue, this is interesting, coming in below Goldman Sachs.

To remind you, equities trading at Goldman Sachs is $4.3 billion.

At Morgan Stanley, it was $3.7 billion.

The reason this is interesting is because Morgan Stanley had taken back the equities trading crown.

It looks like they are now ceding that to Goldman Sachs.

But Bloomberg's Danny Berger reports there's a downside to this earnings report.

Their total operating expenses, those come in much higher than expected.

$9.72 billion, the estimate was for $8.8 billion.

It is the best performing bank ever.

over the past year of the big six banks.

As you would assume, it was the very first question.

How do you feel about this proposed or attempted enforcement of a 10% credit card cap for interest rates?