JPMorgan Profits Down 17%; Morgan Stanley’s Profits Fall 29%; Citi Reports 25% Profit Decline

US Banks Face 75% Revenue Hit from IPO Drought

US investments banks are hit by an IPO slowdown as equity capital markets (ECM) revenues have been impacted. Big investment banks such as Goldman Sachs, Citigroup, BofA and Morgan Stanley have seen ECM fees sharply drop to $645mn vs. $5.3bn for the same period in...
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