Battle of the banks: did Bank of America, JP Morgan, Citi or Goldman Sachs do better?

 
Madeline Ratcliffe
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Market volatility has been bad for FICC traders across the street (Source: Getty)

Goldman Sachs, Citigroup and Blackstone, the world's largest alternative asset manager, were the latest Wall Street giants to report their earnings had been hit as the markets have taken a tumble.

Blackstone made a first loss for the first time since 2011.

While Goldman saw trading revenue fall by a third.

"We experienced lower levels of activity and declining asset prices during the quarter, reflecting renewed concerns about global economic growth," said Goldman's chief executive Lloyd Blankfein.

Earlier in the week Bank of America Merrill Lynch and JP Morgan Chase both reported revenues had been hit by the “challenging global environment” (in the words of JP Morgan's chairman and chief executive Jamie Dimon.)

But which bank has weathered the storm of market volatility best, based on net income?

JP Morgan, it should be noted, benefited from a healthy tax break, which help boost its figures.

Fixed income, currency, and commodities trading was especially badly hit over the summer, with every bank reporting losses.

Arch-rival Morgan Stanley will report results on Monday.

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