Wall Street's Cloudy Quarter Has Some Rays of Sunshine - The Wall Street Journal

Strength in capital raising can help boost banks like Goldman Sachs in a tough environment for lending

Debt underwriting was up by roughly a third year-over-year at several large banks, including Bank of America.Photo: Spencer Platt/Getty Images

Wall Street hardly ended last year with a bang. But given the challenges facing the other major business lines of the biggest banks, from lending to wealth management, trading and investment banking might prove to be their best bet in 2024.

Across the five biggest Wall Street megabanks, investment-banking fees in the fourth quarter—from issuance of stocks and bonds, plus advising on mergers and acquisitions—were up about 3% year-over-year. The “

green shoots” that were talked up after third-quarter results remain scarce, as the market enters a year of uncertainty for politics, interest rates and economic growth. 

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Wall Street's Cloudy Quarter Has Some Rays of Sunshine - The Wall Street Journal
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