It’s hard to destroy a bank by giving rich people financial advice. Which may be why everyone tends to forget about wealth management during results and focuses on investment banking. But, as Morgan Stanley and Bank of America showed again on yesterday, investment banking is actually mundanely cyclical. This quarter, both banks made bumper profits, helping share prices higher. But it is swings and roundabouts.
为富人提供财务咨询很难毁掉一家银行。可能正因如此，在银行业绩发布期间，人们都倾向于忽视财富管理业务，而把关注的焦点放在投行业务。但正如摩根士丹利(Morgan Stanley)和美国银行(Bank of America)不久前再次显示的，投行业务实际上通常具有周期性。今年第一季度，摩根士丹利和美银均获利颇丰，从而推高了它们的股价。但是有得有失。
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