Big bank CEOs tell investors trading boom could turn into a bust

After a year of eye-popping earnings, bank CEOs are warning shareholders that all good things must come to an end.

Over the past year, banks have posted record earnings as the Federal Reserve poured hundreds of billions into the bond market, the SPAC craze created a dizzying number of public offerings, and retail investors ramped up their trading volume. But now business is returning to pre-pandemic levels. In recent weeks, Morgan Stanley CEO James Gorman, JPMorgan CEO Jamie Dimon and Citigroup CFO Mark Mason have all told shareholders to brace themselves for smaller returns moving forward.