A broad recovery in Wall Street’s investment banking business is gaining pace, driven by a resurgence in initial public offerings (IPOs), mergers and acquisitions (M&A), and corporate debt issuance, signalling a potential turnaround for a sector that has struggled in recent years, Reuters reported.
According to Reuters, the largest U.S. banks reported a sharp improvement in investment banking activity this week, indicating that the long-awaited recovery is becoming more broad-based. Investment banking fees at the six biggest U.S. lenders jumped 45% on average in the second quarter from a year earlier, with Morgan Stanley recording the strongest percentage increase among peers.
