Global investment banking services showed its strongest annual start in two years with fees rising by six percent in the first quarter.
According to data from Thomson Reuters, the six percent year-on-year increase in global investment banking amounted to $19.8 billion with Bank of America Merill Lynch topping the league with its $1.52 billion earnings in the first quarter.
Second top global investment banking earner was JP Morgan with $1.48 billion, while Goldman Sachs placed third with $1.27 billion.
Global investment banking in America grew by 16 percent for the period and this accounted for more than 50% of the total fee pool. Asia Pacific and Europe, on the other hand, reported a decline in fees.
Data also showed that fees from debt capital market transactions represented 33 percent of the amount, while merger and acquisition fees declined by 11 percent.
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