Third quarter earnings season is here and the fun on Wall Street is about to begin.
Morgan Stanley's bankers look set for the biggest bonus payouts on Wall Street this year, while JP Morgan and Citigroup bonus traders may be less fortunate.
According to estimates seen by Bloomberg, Morgan Stanley "probably had the biggest increase in revenue," this coming on the back of an increase in investment banking activity and a greater number of IPOs and mergers and acquisitions.
JP Morgan Chase, on the other hand, has to contend with falling fixed-income trading revenue, which was down by 14 per cent to $10.6bn between January and August 2014.
Third quarter results offer valuable insights into company performances, including how bonuses are expected to be allocated. There's a big week to come.