By Nupur Anand and Niket Nishant
NEW YORK (Reuters) -JPMorgan Chase’s investment banking fees have grown by a mid-teens percentage so far in the first quarter, Chief Operating Officer Jennifer Piepszak said on Tuesday.
Wall Street profits have surged in recent months as banks benefited from a recovery in dealmaking against the backdrop of a strong U.S. economy. And industry executives have expressed optimism about the outlook.
“We think we should a see real resurgence” in initial public offerings, Piepszak told an industry conference. While mergers and acquisitions may take time to pick up, companies are becoming more optimistic about doing deals, she said.
Meanwhile, trading revenues have risen by low double-digit percentages, Piepszak said.
JPMorgan shares climbed 1.3% to $274.44 in afternoon trading.
Her comments echoed those of Goldman Sachs CEO David Solomon, who told a separate conference on Tuesday that markets were responding positively to the Trump administration’s focus on economic growth.
“The market believes that a more growth-oriented agenda will spur investment,” Solomon said. “There’s a little bit of unleash of animal spirits. Market participants are excited about that.”
Still, Solomon noted that many policy details remained uncertain and would create some market volatility.
(Reporting by Nupur Anand in New York and Niket Nishant in Bengaluru; Editing by Chris Reese and Lananh Nguyen)
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