M&A activity in the U.S. has shown signs of improvement after a prolonged slump on hopes of a soft landing for the economy – a scenario where inflation eases without a sharp rise in unemployment.
Revenue from capital markets jumped 15% to $338 million in the quarter, driven by a rebound in investment banking, while asset management revenue rose 14% to $235 million.
Investment banking revenue surged 28% to $181 million. Wall Street heavyweight Morgan Stanley also reported a rise in investment banking earlier this month, helped by fixed-income underwriting.
“Investment banking activity industry-wide appears to be on a gradual recovery and our pipeline and new business activity remain healthy,” said CEO Paul Reilly.
Total net revenue rose 8% to $3.01 billion compared with a year earlier.
Adjusted net income available to common shareholders was $514 million, or $2.40 per diluted share, in the three months ended Dec. 31, compared with $505 million, or $2.29 per diluted share, a year earlier.
Source: Economy - investing.com
