Banks rake in billions as prime broking continues to soar

Trading

Goldman Sachs, Morgan Stanley and JPMorgan continue to dominate the field, with revenue rising despite high-profile failures like Archegos

By Jeremy Chan

The collapse of Bill Hwang’s Archegos Capital Management thrust banks’ ties with hedge funds and private offices into the spotlight. But Wall Street giants are keeping faith with the $1tn business line. Photo: Spencer Platt/Getty Images

Wall Street is raking in record revenue from prime broking as banks look to build deeper ties with their lucrative hedge fund clients.

The top 12 prime brokers made $20.4bn in 2023, up more than 25% in a decade, according to analytics firm Coalition Greenwich.

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