First Goldman Sachs reports earnings of $3.2 billion for the quarter. But then, a few minutes later, Citigroup tells the world that it sort of made a little money but also sort of lost a lot of money (that is, it reported net income of $101 million, but said that, after dividends to preferred shareholders and its exchange of the government's preferred shares for common shares, the income available to common shareholders was, ahem, -3.2 billion).
All this is a timely reminder that the story line I offered up yesterday after JPMorgan reported big earnings—that of Wall Street vs. the rest of us—isn't the only possible narrative for our financial times. What's also happening is that a few of the healthiest Wall Street firms—Goldman and JPMorgan in particular—are eating the lunches of their competitors.
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