A pick-up in investment banking and capital markets activity has boosted the first round of second-quarter earnings for US banks published today.
Investment banking revenues surged 60 per cent year on year to $853mn for Citigroup in the three months to end-June, boosting quarterly profits above analysts’ expectations. JPMorgan meanwhile recorded $2.3bn in banking fees for the quarter, coming in ahead of analyst forecasts, with equity trading and fixed income revenues increasing by 21 per cent and 5 per cent, respectively, year on year.
