Finance
Wall Street Sees Glimmer of Hope for Investment-Banking Revival
- Four major banks have all topped equity-underwriting estimates
- ‘The signs are encouraging,’ Morgan Stanley’s CFO says
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After more than a year in the dealmaking doldrums, Wall Street giants are finally seeing signs of life in their capital-markets businesses.
Bank of America Corp., Morgan Stanley, JPMorgan Chase & Co. and Citigroup Inc. all beat analysts’ expectations for equity-underwriting revenue in the second quarter, with all but Citigroup earning more than they did a year earlier from that business. The biggest banks — again with the exception of Citigroup — also surpassed estimates for debt underwriting.