JP Morgan, MS hit records on DCM, ECM highs

摘要

After a rocky start to the year, US banks found their footing in investment banking in the second half and especially the fourth quarter as revenue from debt and equity underwriting raced ahead. Revenues from DCM in the fourth quarter across the five big US banks surged 20% from a year ago, and in ECM it climbed 22%. The strong finish in debt and equity underwriting was not enough to propel 2019 above 2018, but it did give banks a boost heading into 2020.