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Wall Street's dynamic duo has plenty to celebrate. For one, Goldman Sachs and Morgan Stanley generated nearly $14 billion of combined revenue trading equity in the second quarter, some 70% more than a year ago, as they capitalized on artificial intelligence mania. There's a slight awkwardness to the bonanza, however, after years of talking up the virtues of transitioning into more predictable business. The challenge will be to parlay tech euphoria into something more durable.
Goldman boss David Solomon on Tuesday touted an astonishing 26% return on tangible equity, beyond the capital efficiency typically seen following the 2008 financial crisis. Morgan Stanley followed up with a similarly impressive return just shy of 27%.
华尔街的黄金搭档有不少值得庆祝的事。首先，高盛和摩根士丹利在第二季度创造了近140亿美元的股票交易总收入，同比增长约70%，得益于它们抓住了人工智能热潮的机遇。然而，这种盛况也有点尴尬——多年来它们一直在宣扬转型到更可预测业务模式的好处。挑战在于如何将科技狂热转化为更持久的东西。
高盛CEO大卫·所罗门周二宣称有形普通股回报率高达26%，超出了2008年金融危机以来通常可见的资本效率水平。摩根士丹利随后也交出了同样亮眼的表现，回报率略低于27%。
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