The higher interest rates have a particularly positive impact on the balance sheets, especially of banks, which are often decried as boring. This was already seen in this country last year at Commerzbank, and it continues to be seen in its disproportionately larger competitors in the USA. Above all, market leader J.P. Morgan is riding a wave of success, and the interest-rate-heavy private customer division is now making more profit than investment banking, which has been spoiled by success.

Jamie Dimon, who has been CEO since 2005, is not letting go of the reins, just this week he ordered all executives to work in the office five days a week. The home office, which has become dear in Corona times, is therefore a thing of the past, at least for the Managing Directors of J.P. Morgan.

Investment bankers in particular will have to work harder. They are not yet threatened with layoffs at J.P. Morgan, unlike competitors such as Goldman Sachs. In this bank, the development of the private client business was not very successful, it still lives strongly from consulting in the capital markets business. Deutsche Bank also wanted to get away from this dependency. So far, she has done better than Goldman, but worse than J.P. Morgan.