Wall Street has posted its best quarter for investment banking in more than two years, in what bankers said was the “early innings” of a sustained recovery.
The five largest investment banks — Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America and Citigroup — together reported investment banking fees of $8.2bn in the second quarter, a 40 per cent increase from a year earlier and the highest since the start of 2022.
All of the banks except Goldman announced higher than expected investment banking revenues for the quarter.
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