LONDON (Reuters) – Lower income from oil reduced commodity-related revenues at the world’s ten biggest investment banks in the third quarter, but booming profits from precious metals means they are still set for a bumper year, consultants McKinsey CIB Insights said on Monday. FILE PHOTO: Gold bars are displayed during a photo opportunity at the Ginza Tanaka store in Tokyo September 7, 2009. REUTERS/Yuriko Nakao/File Photo Big banks have almost doubled their earnings this year from trading, selling derivatives and other activities in the commodities sector thanks to price volatility, supply disruption and a boom in trading since the coronavirus outbreak.
Massive swings in the price of oil LCOc1 CLc1 , the biggest market, drove profits earlier in the year, but gold XAU= has taken over as the biggest earner as crude prices stabilised.
A rush of interest in gold from investors and a fracturing of the market after the virus […]
- Do contribute something to the discussion
- Do post factual information, analysis and your view on company valuations
- Do disclose if you have an interest in a security
- Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
- Do not complain about a post unless you have reported it first, and not on the forum.
- Do not post financial advice
- Do not advertise or post sponsored content