Wall Street boosted by surge in funding banking charges

On Oct 16, 2024

Updated: 22:05, 15 October 2024

Bankers are optimistic as they anticipate interest rate cuts over the next few months

Wall Street’s biggest banks reported rising investment banking fees in the third quarter, fuelled by more deals.

Bankers are more optimistic as they anticipate interest rate cuts over the next few months by the US Federal Reserve and central banks across the world.

Lower rates would help grow the pipeline of deals in the offing as borrowing becomes cheaper. Goldman Sachs said investment banking fees rose 20 per cent while Bank of America saw an 18 per cent increase.

At Citi, investment banking revenues rose for the second straight quarter, up 31 per cent. JP Morgan also posted a 31 per cent surge in investment banking fees on Friday.

Mergers and acquisitions announced worldwide in 2024 totalled £700billion as of the end of September, sparking a fees bonanza for bankers.

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