The biggest US investment banks generated $36bn in revenues from deals and trading in the last quarter, as volatile markets and corporate debt issuance fuelled a rebound on Wall Street.
The combined figure was 11 per cent higher than a year ago, with Morgan Stanley on Wednesday rounding out the industry’s earnings season with positive results that followed JPMorgan Chase, Goldman Sachs, Bank of America and Citigroup.
The strongest business was underwriting debt and overall the five banks made $8bn in revenues in the third quarter of 2024 from advising on debt and equity deals and acquisitions, 31 per cent higher than a year ago and comfortably ahead of analysts’ expectations.
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