Through the lockdowns and great recession of 2020, the world’s leading investment banks were big winners, benefiting from tidy increases both in trading revenues and fees for arranging equity and debt financing.
Full year earnings announcements tell the story. At JPMorgan, for example, fixed income, currencies and commodities markets revenues were 45% higher in 2020 than in 2019; equities revenues were up 33% and investment banking fees rose 25%.
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