It’s Official: Wall Street Just Made $100 Billion for First Time

(Bloomberg) -- The six biggest U.S. banks have never had a $100 billion year. Until now.

Goldman Sachs Group Inc., 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.

Read more: Wall Street Is Making the Most Money Ever, So Why the Long Face?

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