Wall Street’s big banks score US$1 trillion of profit in a decade

That’s not US$1 trillion of total revenue, it’s pure profit.

Such a haul didn’t seem possible before the decade began, when Wall Street was the target of a global protest movement and politicians at both ends of the spectrum were seething over bailouts or aiming to break up too-big-to-fail lenders.

They swelled instead, outpacing corporate America so handily that JPMorgan Chase, Bank of America, and even hobbled Wells Fargo . are on track to make more profit over those 10 years than all but a few publicly traded US companies, according to data compiled by Bloomberg. Citigroup, Goldman Sachs Group and Morgan Stanley aren’t far behind. And together the six are poised to make even more next year.



The new Ark companies? While in theory there is no difference between theory and practice, in practice there is. In theory, one day growth companies will make a pile of money …


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Not sure about that. Over the same 10 year period, Apple alone had profits of $95 billion.




Interesting how lumpy AAPL’s earnings are. We are in a period now of heightened sensitivity to financial and economic changes. The market wears the sensitivity on its sleeve.

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