It’s that time of year again. U.S. banks have started to report results for 2024. And there is a different feeling in the markets today then there has been for a long time. Finally markets seem to be content with what is happening at the leading U.S. banks. Could this be down to investment banking revenues soaring as U.S. banks report 2024 revenues? Probably not. But we wanted to focus on this area today.
Yesterday JP Morgan reported results. Today it is the turn of Bank of America. Both banks have substantial investment banking divisions. Citi, Goldman Sachs and Morgan Stanley were all reporting revenues too. We tried to capture the most important parts for you to review.
What were Investment Banking revenues at JP Morgan in 2024?
The headline is that Investment Banking revenues at JP Morgan are up 49%. Investment banking revenue was $2.6 billion. Up 46% from where we were last year. Investment banking fees were up 49%, driven by higher fees across all products.
Jamie Dimon reiterated that the bank maintains a fortress balance sheet. He also added how the U.S. economy had been resilient. He even added that businesses are optimistic about the economy.
“Businesses are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business,” the CEO of JP Morgan added.
What were Investment Banking revenues at Citi in 2024?
Citi bank has also reported results this week. The investment banking division reported revenues of $925 million. An increase of 35%, driven by an increase in investment banking fees of 35%.
Citi CEO Jane Fraser shared in the report how “2024 was a critical year and our results show our strategy is delivering.”
What were Investment Banking revenues at Goldman Sachs in 2024?
Goldman Sachs has had a particularly good year for investment banking according to its report. The financial institution has made $7.7 billion in investment banking revenues in 2024. Up 24% on the previous year. The rise in fees reflected significantly higher net revenues in Equity underwriting and Debt underwriting.
Goldman CEO David Solomon shared in the report how the bank had “both grown our revenues by nearly 50% and enhanced the durability of our franchise.”
What were Investment Banking revenues at Morgan Stanley in 2024?
Morgan Stanley’s investment banking division has shown good returns as well in 2024. The bank reported $6.1 billion in investment banking revenues for 2024. Up from almost $4.6 billion in 2023.
Morgan Stanley CEO and Chairman Ted Pick shared how the bank had an excellent fourth quarter capping one of the strongest years in the Firm’s history.
What were the Investment Banking revenues at Bank of America in 2024?
We left Bank of America till last. The bank has regularly competed for top spot in investment banking revenue over the years and submitted results today. Investment banking fees jumped 43% to almost $1.7 billion. This is the result for the fourth quarter of 2024 only and is up from $1.1 billion in the last quarter of 2023. Total results for the year were almost $6.2 billion. This is a growth of 31% year-on-year.
Chief Financial Officer of BofA, Alastair Borthwick shared how “the team generated strong fee income throughout 2024. Looking towards 2024, we remain focused on delivering for our shareholders while supporting our clients’ growth and driving market share.”
This Week Was Big News for Global Investment Banking
Across the global industry, investment-banking revenue increased 26% to $86.8 billion in 2024, with North America surging 33% from a year ago, according to data from Dealogic. Goldman Sachs earned the second-highest revenue across banks globally. More importantly, it seems reporting is happening a little quicker than it did in the past. JP Morgan used to be the first by a good few days. This year all the results have come in within two days of eachother.
Author: Andy Samu
#JPMorgan #InvestmentBanking #BofA #AnnualReport #GoldmanSachs #Citi #MorganStanley
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