4/20/2020, 7:28 PM (Source: TeleTrader)
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Fitch: US banks' capital markets Q1 revenue strongest in 5Y

Five major US banks recorded a 30% surge in trading revenues in Q1, as the coronavirus pandemic brought a material correction in equity markets, significantly wider spreads and a spike in volatility, Fitch Ratings said on Monday.

The overall capital market results in these five banks are strongest in nearly a decade, according to Fitch's latest Capital Markets Dashboard, with a growth of 23% in the first quarter.

Goldman Sachs recorded a 33% growth in fixed income, currencies, and commodities (FICC) trading revenues to $3 billion in Q1, highest in the last five years. Bank of America posted its best-ever equities trading results, surging 39% to $1.7 billion, while equities revenues grew by 28%. JP Morgan's debt underwriting revenues went up by 15% to a record $1 billion in Q1, as corporate increased debt issuance seeking liquidity amid pandemic, Fitch noted.

Breaking the News / SR