Goldman’s Stock Traders Must Be Peaking: Paul J. Davies

Big banks’ share traders are raking it in right now. Sure, stock market indexes have been flying high, but it’s been far from certain in recent years that traditional Wall Street firms would reap the benefits with electronic market makers storming the zone.

Despite the blistering growth of these rivals, the equities desks at Goldman Sachs Group Inc. and Morgan Stanley made record revenue last year, the banks reported Thursday. The question now is whether the industry is at a peak.

Investors would be forgiven a touch of vertigo, but there are areas still due a recovery, including new listings, that should help buoy ...