Wall Street's biggest banks are beating investment-banking revenue estimates

Group 1: Investment Banking Revenue Growth - A surge in equity capital markets and debt market activity is boosting investment banking revenue growth at the big five Wall Street banks, surpassing analyst estimates for the first quarter [1] - Bank of America leads with over 25% increase in investment banking revenue compared to the previous year, followed by JPMorgan Chase (15%), Citigroup (10%), Morgan Stanley (7%), and Goldman Sachs (3%) [1] - Collectively, the five banks are on track to deliver 13% revenue growth over the year-ago period, exceeding the 10% consensus analyst estimate [2] Group 2: Market Performance and Trends - Equity capital markets revenue is up 39% as companies issue stock, despite a slow rebound in the IPO market [2] - Debt capital markets revenue has increased by 42% year-over-year and jumped 81% from the previous quarter, with Citigroup leading at a 113% increase over the last quarter [2] - Trading revenue remains mixed, with strength in fixed income potentially offset by muted volatility across other products [2] Group 3: Stock Performance - Year-to-date stock performance shows Bank of America up 1.2%, Citigroup up 7%, JPMorgan Chase up 8.4%, Morgan Stanley down 7.7%, and Goldman Sachs up 1.9% [3] - The Dow Jones Industrial Average is up 3.3% and the S&P 500 is up 6.3% so far in 2024 [3]