One of the business units that is gaining prominence within large investment banks has bounced back from a two-year downturn thanks largely to the rise in US interest rates.

Global transaction banking revenues increased 5% year-on-year to $28.8bn in 2017, according to a report from data analytics company Coalition. The report was based on data from the 10 largest players in the sector — including Bank of America Merrill Lynch, Deutsche Bank, JPMorgan and Wells Fargo — and revealed the first increase in revenues since 2014.