The big banks are finishing what’s on track to be the most profitable year ever. No matter what happens as December drags to a close, JPMorgan Chase & Co., Goldman Sachs Group Inc. and the other four U.S. heavyweights made so much money in the first three quarters that they’ve already topped last year’s total haul. Boosted by the tax cuts, they’re heading toward their first USD 100 billion year ever, smashing the USD 93 billion record from 2016. But Holiday spirits across Wall Street are being spoiled by anxiety that markets are getting uglier, frustration over the industry’s own miserable stock prices and fears that a recession will finally hit. Another explanation for the tempered mood: Bankers are savvy enough not to flaunt record-setting profits a mere decade after taxpayers bailed them out during the financial crisis.
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