Investment-banking fees are anticipated to fall below last year’s US$5.24 billion, which was half of the bank’s 2021 dealmaking frenzy.
The bank’s new long-term goal of more than US$12 billion in pretax earnings will come from a mix of asset growth, more lending, and expanding markets, according to co-President Andy Saperstein. Saperstein gave a much gloomier forecast for the bank’s sales and trading and investment-banking operations. The bank began eliminating about 3,000 jobs this month amid a slowdown in dealmaking. The stock fell 2.2% to US$81.55 at 3.23pm in New York, extending this year’s decline to 4.1%.
Saperstein runs the firm’s US$4.6 trillion wealth-management business, which has seen significant growth in the past 10 years and posted US$6.6 billion in pretax profit last year. The business has targeted bringing in US$1 trillion in net new assets every three years.
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