{"id":633676,"date":"2024-07-18T00:00:00","date_gmt":"2024-07-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/us-investment-banking-revenues-are-picking-up-after-a-two-year-slump\/"},"modified":"2024-07-18T00:00:00","modified_gmt":"2024-07-18T00:00:00","slug":"us-investment-banking-revenues-are-picking-up-after-a-two-year-slump","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/us-investment-banking-revenues-are-picking-up-after-a-two-year-slump\/","title":{"rendered":"US Investment banking revenues are picking up after a two-year slump"},"content":{"rendered":"

It was a good quarter for investment banks: <\/strong>The five largest investment banks in the world \u2014 Goldman Sachs, JPMorgan Chase, Bank of America (BofA), Morgan Stanley, and Citigroup \u2014 posted their best quarter in over two years, the Financial Times<\/a> writes. All five of the banks outperformed the S&P 500 over the past three months, while all of them but one reported higher-than-anticipated revenues \u2014 combined they reported USD 8.2 bn in investment banking revenues. <\/p>\n

By the numbers: <\/strong>During 2Q, JPMorgan\u2019s investment banking revenues surged 46% y-o-y to reach USD 2.5 bn, driven by increased fees, according to the lender\u2019s <\/span>earning release (pdf)<\/a>. Bank of America saw a 29% y-o-y rise in corporation investment banking fees to USD 1.6 bn, according to its <\/span>earnings release (pdf)<\/a>. Morgan Stanley exceeded expectations with a 51% y-o-y jump in investment banking revenues, which sat at USD 1.62 bn during the quarter, boosted by heightened fixed income underwriting. Citigroup\u2019s investment banking revenue jumped 60% y-o-y to USD 853 mn and Goldman Sachs\u2019 investment banking fees saw a modest 21% y-o-y rise to USD 1.73 bn.<\/span><\/p>\n

Dealmaking is picking up thanks to more interest rate visibility:<\/strong> Corporate banking clients are more comfortable relying on \u201cbread-and-butter\u201d banking services such as transaction advisory and debt offerings thanks to a steadier economic backdrop, according to the Wall Street Journal<\/a>. Bankers are hopeful that a two-year dealmaking lull is about to come to an end with clever visibility on interest rates. <\/p>\n

Debt underwriting led investment banking revenues<\/strong>, soaring over 50% y-o-y to reach USD 3.7 bn among the top five banks \u2014 debt-related fees surged as companies capitalized on stable interest rates to refinance or secure new debt. <\/p>\n

Revenues from M&As saw a modest 25% y-o-y increase in 2Q<\/strong>, reaching USD 2.7 bn, according to FT. Despite fewer large transactions closing this year, high-value transactions are on the rise. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are in the red this morning<\/strong> as chip-related stocks fell on Trump\u2019s comments on Taiwan (we have more in What We\u2019re Tracking Today), and news of potential restrictions on US exports made the rounds. Japan\u2019s Nikkei is down 2.7%, while the Topix and Kospi both fell 1.3%. US futures inched higher after a bad day for the Nasdaq. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

28,340<\/p>\n<\/td>\n

\n

+1.8% (YTD: +13.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.16<\/p>\n<\/td>\n

\n

Sell 48.29<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.15<\/p>\n<\/td>\n

\n

Sell 48.25<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,158<\/p>\n<\/td>\n

\n

+0.6% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,168<\/p>\n<\/td>\n

\n

+0.1% (YTD: -4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,132<\/p>\n<\/td>\n

\n

+0.5% (YTD: +1.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,588<\/p>\n<\/td>\n

\n

-1.4% (YTD: -17.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,187<\/p>\n<\/td>\n

\n

+0.3% (YTD: +5.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,891<\/p>\n<\/td>\n

\n

-1.1% (YTD: +8.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 85.08<\/p>\n<\/td>\n

\n

+1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.05<\/p>\n<\/td>\n

\n

+0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,465<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 64,298<\/p>\n<\/td>\n

\n

-0.5% (YTD: +52.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.8% at yesterday\u2019s close<\/strong> on turnover of EGP 3.6 bn (11.6% below the 90-day average). Local investors were net buyers. The index is up 13.8% YTD.<\/p>\n

In the green: <\/strong>Eastern Company (+6.2%), Delta Sugar (+5.4%), and Abu Qir Fertilizers (+5.0%).<\/p>\n

In the red: <\/strong>Juhayna (-2.2%).<\/p>\n

CORPORATE ACTIONS- <\/p>\n

Dice will soon own 100% of United Dyers: <\/strong>Local clothing company Dice Sports and Casual Wear will soon have full ownership of United Dyers after its board approved the purchase of a 17.4% stake in an EGP 37 mn transaction, Dice said in an EGX disclosure (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The largest five banks reported USD 8.2 bn in investment banking revenues during the quarter<\/p>\n","protected":false},"author":1,"featured_media":633677,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[294,72,119,260,1473,352,508,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-citigroup","tag-enterpriseam","tag-financial-markets","tag-goldman-sachs","tag-investment-banking","tag-jp-morgan","tag-morgan-stanley","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"3a33e173-bc0b-4102-a795-83f4dbf8729a","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1401.jpg","photo_position":"above","homepage_title":"","full_issue_title":"US Investment banking revenues are picking up after a two-year slump","related_issue":[633654],"teaser":"The largest five banks reported USD 8.2 bn in investment banking revenues during the quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.0b18a48b-bcc1-4e7c-a987-b560108a511d.mp3"},"yoast_head":"\nUS Investment banking revenues are picking up after a two-year slump - 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