Wall Street just made $100 billion for first time

The six biggest US banks have never had a $100 billion year. Until now.

Goldman Sachs, JPMorgan Chase & Co. and their peers have already reported more than $111 billion of profit for 2018. Morgan Stanley will only make that number bigger when it releases its fourth-quarter results Thursday.

They have Republican tax cuts to thank, along with rising interest rates, a surge in dealmaking and a retail-banking boom.

© 2019 Bloomberg L.P