Big Banks 2Q Takeaways

The transcript discusses strategic planning and investment strategies of major banks like Goldman Sachs, JP Morgan, and Deutsche Bank. It highlights the banks' focus on cost management, hiring trends, and performance in consumer and trading businesses. The discussion also covers the comparison between Goldman Sachs and Morgan Stanley, particularly in trading performance, and the importance of book value and investment strategies in building shareholder value.

What is the main focus of banks like Goldman Sachs and JP Morgan for 2020?

• Expanding into new markets

• Reducing client base

• Increasing investment

• Cutting tax funding

Which bank is mentioned as having a massive cost-cutting plan?

• Citigroup

• Wells Fargo

• Bank of America

• Deutsche Bank

What has been driving growth for US banks according to the transcript?

• Fixed income

• Consumer businesses

• Trading businesses

• Equities

How did Goldman Sachs perform in comparison to Morgan Stanley in the trading sector?

• Goldman Sachs had a weaker quarter

• Morgan Stanley outperformed Goldman Sachs

• Both had similar performances

• Goldman Sachs showed a gain while Morgan Stanley missed estimates

What aspect of Goldman Sachs' business is highlighted as impacting its book value?

• Wealth management

• Consumer banking

• Trading operations

• Investing and lending business