Wall Street says a Wall Street revival is finally here

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Bank of America, Goldman Sachs, Citigroup, Morgan Stanley, and JPMorgan Chase all reported first-quarter jumps in investment banking, with revenues up 26.6% from a year ago. Bank of America saw the biggest jump of 34%, followed by 32% increases at Goldman and Citigroup. CEOs are optimistic about the turnaround, with Morgan Stanley boss Ted Pick describing the pipeline as growing and Goldman CEO David Solomon stating that the capital markets are reopening. The rebound in investment banking comes at a time when higher interest rates are impacting traditional consumer banking margins. Last year was a disappointing year for dealmaking, but executives are now more optimistic, citing the need for companies to grow or restructure following the pandemic and pressure from limited partners for private equity firms to return more capital. Trading revenue also rose for the five big Wall Street banks in the first quarter, with equities performing better than fixed income. Bank executives are cautious about hyping expectations for trading, but changing expectations for the US and global economy have increased client activity at these banks.

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https://finance.yahoo.com/news/wall-street-says-a-wall-street-revival-is-finally-here-080059304.html