Wall Street's major banks experienced a strong recovery in the third quarter of 2024, driven by increased corporate activity in debt issuance and mergers.

Increased Investment Banking Fees

Goldman Sachs, Bank of America, Citigroup, and JPMorgan Chase collectively reported a 27% year-over-year increase in investment banking fees, totaling $6.5 billion.

Goldman Sachs specifically saw impressive growth in its investment banking division, with a 20% increase in fees compared to the same period last year.

Rise in Trading Revenue

Trading revenue for these institutions also rose by 6% to reach $23.4 billion.

Bank of America achieved record trading revenue in the third quarter, with earnings of 81 cents per share and net revenues of $25.35 billion.

Strong Results

Citigroup reported strong results, with adjusted net income per share of $1.51 and revenues of $20.32 billion.

Wells Fargo & Company reported adjusted earnings per share of $1.52 and total revenues of $20.37 billion.

The overall performance of these major banks highlights a rebound in the financial sector, driven by increased corporate activity and strong trading performances.