From Breakingviews - Wall Street aces its real-life stress test
investment bank wrote off $70 million of debt in the last quarter, centered on its holdings of such property. It’s a drop in a bucket that holds $223 billion of loans, but it’s also a reminder that it’s hard to see from the outside where these risks will surface.
If one set of bankers has genuinely faced a stress test, it’s those that arrange to raise capital and structure mergers for clients. Investment banking remains. At the big five, such advisory fees fell 24% to less than half what they were this time two years ago. The drop-off translates into lower earnings, but it has little impact on the rest of the bank. Since those rainmakers are typically paid based on what they produce, their businesses also tend to remain profit centers.
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