Spac boom drives US banks to Q1 record

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By David Rothnie
15 Apr 2021

US investment banks have set a high bar for their European rivals by posting record revenues powered by a boom in capital markets underwriting.

Bank of America, Citi and Goldman Sachs all reported their highest ever quarterly earnings from advisory and underwriting, while JP Morgan also showed a strong performance with investment banking fees jumping by 57%. Morgan Stanley and Wells Fargo are set to report earnings on Friday.

While each bank ...

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