Wall Street’s biggest banks are taking advantage of rising stock underwriting after a powerful equity rally reignited the IPO market, fueling double-digit percentage gains in advisory revenue.
Morgan Stanley led its peers with an 80% third-quarter increase in the category versus a year earlier, pulling in $652 million. JPMorgan Chase & Co. and Goldman Sachs Group Inc. were close behind in terms of revenue, with 53% and 21% increases in their own revenue from advising on initial public offerings, share sales and other equity capital markets deals.
The continued rebound in underwriting fees came as ECM activity climbed to its ...
