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Data: Analysis of company filings; Chart: Axios Visuals

The pandemic helped to pull big banks’ bond trading revenue out of a multi-year slump.

Why it matters: Revenue within the so-called fixed income, currency and commodity (FICC) divisions has been slowing for years.

By the numbers: Revenues across bond trading desks at Goldman Sachs, Citi, Morgan Stanley, JPMorgan and Bank of America collectively rose to roughly $68 billion in 2020 — the highest level in at least 10 years, according to an Axios analysis of company filings.

  • Goldman Sachs said FICC revenues rose 57% compared to 2019, helped by a record level of financing revenues.
  • Morgan Stanley said its desk posted the highest revenues in over a decade.

What happened: Trading volume surged after investors rushed into safe-haven assets as the coronavirus hit financial markets. The Fed’s intervention in credit markets also boosted investment banks.

Yes, but: Bond trading activity slowed for some players like Bank of America in the last quarter of the year, as Bloomberg notes.

  • What they’re saying: Strong credit trading "was more than offset by declines across most macro products and mortgage trading," Paul Donofrio, BofA's bank's chief financial officer, told analysts this week.

Other banks missed analysts' high expectations: Morgan Stanley and JPMorgan were the only big banks to top Wall Street’s FICC forecasts.

Go deeper

Updated Jan 28, 2021 - Economy & Business

Senate panel to hold hearing after high-flying Reddit stocks cause Wall Street chaos

Major trading platforms including Robinhood, TD Ameritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

The latest: Senate Banking Committee Chair Sherrod Brown (D-Ohio) announced Thursday that he plans to hold a hearing on "the current state of the stock market" in response to this week's volatility.

Updated 5 mins ago - World

U.S. and UN express concern to Israel over Jerusalem violence

Israeli soldiers throw tear gas canisters at Palestinian demonstrators during a protest near the Jewish settlement of Beit El near Ramallah, in the occupied West Bank, on Sunday. Photo: Abbas Momani/AFP via Getty Images

The United Nations called on Israel Sunday to show "maximum restraint and respect the right to freedom of peaceful assembly" and National Security Adviser Jake Sullivan expressed "serious concerns" about violence in Jerusalem.

Driving the news: Over 250 Palestinians and several Israeli police officers have been wounded since Friday during protests over planned evictions of Palestinian families from their homes in the city's east — which Sullivan also expressed concern about, per a White House statement.

Emergency declaration issued in 17 states and D.C. over fuel pipeline cyberattack

Photo: Luke Sharrett/Bloomberg via Getty Images

The Biden administration said it's "working with" fuel pipeline operator Colonial Pipeline to try and restart operations after a ransomware attack took it offline.

Why it matters: Friday night's cyberattack is "the most significant, successful attack on energy infrastructure" known to have occurred in the U.S., notes energy researcher Amy Myers Jaffe, per Politico. A regional emergency

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