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Bankers are optimistic and anticipate interest rate cuts in the coming months
Wall Street’s largest banks reported increases in investment banking fees in the third quarter, driven by more deals.
Bankers are more optimistic as they anticipate interest rate cuts in the coming months by the US Federal Reserve and central banks around the world.
Lower rates would help increase the pipeline of demand deals as borrowing becomes cheaper. Goldman Sachs said investment banking fees rose 20 percent, while Bank of America saw an 18 percent increase.
At Citi, investment banking revenue rose for the second consecutive quarter, up 31 percent. JP Morgan also reported a 31 percent increase in investment banking fees on Friday.
Announced mergers and acquisitions worldwide in 2024 stood at £700bn at the end of September, sparking a fee bonanza for bankers.
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