Investment banking fees soared to a record $57bn in the first six months of the year, boosted by a series of lucrative debt sales as companies grabbed cash to tide them through the coronavirus crisis.
Emergency financings by carmaker Ford, cruise line operator Carnival and aerospace and defence group Boeing were among the fundraisings that provided multimillion-dollar paydays for Wall Street banks that found investors willing to stump up the money.
Debt capital markets bankers were particularly busy after the US Federal Reserve took action to shore up credit markets following the spread of the pandemic across the US. Companies, countries and other organisations have raised more than $7.8tn by borrowing in bond and loan markets and selling shares this year, according to financial data provider Refinitiv.