Investment banking was the rock star of big bank earnings this season.
For Club stock Morgan Stanley, investment banking revenues surged 51% year over year with equity underwriting fees jumping over 56%, and advisory fees increasing over 30% from the year-ago period.
Wells Fargo's investment banking revenues, which fall underneath its corporate and investment banking (CIB) division, jumped 38% year over year.
"The investments we have been making allowed us to take advantage of the market activity in the quarter with strong performance in investment advisory, trading and investment banking fees."
And good news for investors, it doesn't look like the rebound in investment banking is slowing anytime soon.
Persons:
Morgan Stanley, Wells, JPMorgan Chase, Goldman Sachs, Goldman, Morgan, We've, Morgan Stanley's, NII, Charlie Scharf, Ted Pick, we're, David Solomon, Donald Trump, Jim Cramer's, Jim Cramer, Jim, JPMorgan
Organizations:
JPMorgan, Bank of America, Citigroup, Citi, Investment, IB, Federal Reserve, Wells, CNBC, CIB, Morgan, Wall, Citibank, JPMorgan Chase, Reuters
Locations:
Wells Fargo, Wells, U.S