20% increase in Q3 2023 investment-banking fees for major banks, driven by higher deal activity and debt issuance.

Wall Street's major banks, including Goldman Sachs and Bank of America, reported a 20% increase in investment-banking fees for Q3 2023, fueled by higher deal activity and debt issuance. Bank of America’s profits fell 11% to $6.9 billion but exceeded forecasts, with investment banking fees rising 18%. Strong market conditions and recent Federal Reserve rate cuts are boosting optimism for continued growth in the sector. Major banks surpassed earnings expectations, enhancing investor confidence.

October 15, 2024
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