The conventional wisdom in most quarters is that all the FICC profits that we've seen this year have no place to go but down. Spreads will narrow as more competitors stream in, and we're seeing lots of trading outfits staff up. But a JMP Securities analyst is telling clients: "We believe it will now take more time than we previously expected for key competitors to re-risk and rebuild their fixed income businesses than previously anticipated." 

That leaves Goldman Sachs to rule the roost for a bit longer. But JMP Securities expects the bank to fare well also in equity sales and trading, prime brokerage, asset management, principal investing, underwriting, and mergers and acquisition segments, notes Reuters. It also has "excess liquidity of $171 billion on which the company is earning very low interest rates." It may out that to work via a stock buyback. He rates the company a market outperform. 

For more:
- here's the Reuters write-up

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