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Big U.S. banks end third quarter on high note

Staff Writer |
Wall Street's top investment banks enjoyed a strong third quarter as strength in stock trading and equity underwriting added to the benefits from a strong U.S. economy and tax reforms.

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On Tuesday, Morgan Stanley showed gains from investment banking and trading businesses that outstripped those of traditional rival Goldman Sachs Group Inc.

However, Goldman's equity trading and underwriting revenue was better than that of Morgan Stanley in a quarter marked by uncertainties in global financial markets stemming from an ongoing trade war between Beijing and Washington.

JPMorgan Chase & Co, the biggest U.S. bank, said on Friday its third-quarter profit jumped nearly 25 percent, with each of its four business units generating higher revenues.

Also on Friday, Citigroup Inc, the No. 3 U.S. bank by assets, reported a 12 percent rise in profit, driven mostly by lower taxes and cost savings, while Wells Fargo & Co, reported a strong quarterly profit on the back of healthy demand for auto, small business and personal loans.


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