Investment Banking

Wall Street bank CEOs cautious on dealmaking recovery after second quarter boom

Top US bank executives have played down a rapid recovery in fees after a two-year slump

David Solomon, chief executive of Goldman Sachs, spoke of how dealmaking fees remained below 10-year averages
David Solomon, chief executive of Goldman Sachs, spoke of how dealmaking fees remained below 10-year averages Photo: Cyril Marcilhacy via Getty Images

Wall Street bank executives have downplayed a rapid revival in dealmaking fees after a bullish second quarter in which investment banking fees hit a two-year high. 

Sharp rises in investment banking fees at major US banks in the second quarter were driven largely by buoyant revenue from debt underwriting, which some executives said was a result of companies bringing forward financing needs to the first half of the year to avoid market volatility. 

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