Wall Street’s Mixed Investment Banking Hauls Fail to Wow Investors

Revenue from advisory—Citi's bankers guiding companies on big-ticket transactions, such as mergers and acquisitions—drove that increase, with an 84% surge from a year ago. That more than offset a 16% decline in equity underwriting from the year-ago period. Citi said investment banking fees rose 35% to $1.29 billion. The bank has been on a quest to improve its investment banking performance under CEO Jane Fraser. Big banks have so far reported mixed fourth quarter-earnings for their investment banking busine ...