2012年银行业的另一个有利因素是与华尔街改革法案相关的监管不确定因素有望消除。一些争议最大的法案，如沃尔克法则（Volcker rules）和针对衍生品的林肯法则（Lincoln rules），年底前很可能明朗化。如果这些规定从轻实施，华尔街的利润可能会大幅反弹。
An opportunity in Europe?
Both Morgan and Goldman will continue to right size their balance sheets and attempt to find new ways to make money. Both will need to deal with economic troubles that have companies shying away from going public or issuing debt. A return to some sort of normalcy isn't expected until the European debt situation is finally resolved.
But while European crisis is damaging, it could present Goldman and Morgan with an opportunity. European banks are being forced to raise their capital requirements and sell off assets. This slimming down of the European banks could see up to $13 billion in revenues up for grabs, according to analysts at Deutsche Bank. Goldman and Morgan Stanley are well-positioned to eat up some of that business given their size and global reach.
Another bright spot for the banks this year is potential end of the regulatory uncertainty associated with the Wall Street reform bill. Investors will most likely find out by the end of the year how some of the more controversial sections of the bill, like the Volcker rule and Lincoln rules on derivatives, will look. If the rules are implemented with a light touch, Wall Street could possibly see a massive resurgence in profit.
Wall Street is under construction and this previous quarter reflects all the messiness associated with making tough repairs in a volatile environment. Both Morgan Stanley and Goldman Sachs are trading below their intrinsic asset values, so there is clearly some nervousness associated with their ability to make money in the future. Deciding what they want to be and how they want to get there will go a long way to restore investor confidence.