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Major banks are hauling in ‘big fees’ from debt and equity underwriting during the coronavirus crisis
Cash might be king during a crisis. But for top investment banks helping the Federal Reserve do “whatever it takes” to keep credit flowing during the pandemic, the ace in the hole has been capital markets fees. Take JPMorgan, Chase & Co. JPM, +0.57%, which recorded a chart-busting $33.8 billion of revenue for the second-quarter on Tuesday, despite the coronavirus recession, and a 54% jump in investment banking fees from a year ago. “Not to be a cheerleader, but 2Q20 showcased that there is good reason JPM is considered the industry leader,” a team led by Jesse Rosenthal, head of U.S. financial company ... (full story)