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Profits at Bank of America (BAC) and Morgan Stanley (MS) more than doubled in the fourth quarter, signaling a strong 2024 for Big Banks.
Stephen Biggar, director of financial services research at Argus Research, joins Catalysts to share his insights on these earnings report and discuss what they may signal for the year ahead.
"The global banks are kind of the stars in the banking universe right now, in terms of earnings," Biggar says.
He highlights a big resurgence in investment banking, particularly within M&A activity, debt underwriting, and a "little bit in the IPO side." Biggar adds, "Trading results were a little bit down from the third quarter, but still strong year over year."
Biggar also discusses the push into private credit, as banks such as Goldman Sachs (GS), Citi Group (C), and Wells Fargo (WFC) shift focus to alternatives amid weak lending in other sectors.
Watch the video above to hear Biggar's top bank picks and detailed insights on how these trends will shape the future of banking.
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This post was written by Josh Lynch