Equities desks outperform fixed-income rivals on Wall Street

Wall Street: Wall Street is the U.S. financial-industry ecosystem centered on major investment banks, securities firms, and trading markets. In this news, it refers broadly to large U.S. banks whose equities-trading businesses outperformed fixed-income, currencies, and commodities desks during the third quarter, creating an unusual reversal in relative performance. Equities strength: Market volatility and portfolio repositioning supported stronger equities-trading performance at major banks, including Goldman Sachs and JPMorgan. Trading divergence: Equities divisions at five major U.S. banks were projected to generate more revenue during the first nine months of the year than businesses handling bonds, currencies, and commodities. Fixed-income pressure: Higher interest rates and weaker fixed-income activity weighed on bond-trading results during the quarter.