Wall Street’s biggest banks are taking advantage of rising stock underwriting after a powerful equity rally reignited the IPO market, fueling double-digit percentage gains in advisory revenue.
Morgan Stanley led its peers with an 80% third-quarter increase in the category versus a year earlier, pulling in $652 million. JPMorgan Chase & Co. and Goldman Sachs Group Inc. were close behind in terms of revenue, with 53% and 21% increases in their own revenue from advising on initial public offerings, share sales and other equity capital markets deals.