Wall Street banks toast to $130bn revenue in deal making boom

Wall Street banks enjoying a boom in quarter three as deal making soared.

Wall Street banks raked in bumper profits, comfortably breezing past analyst expectations in the third quarter, driven by the continued strength of trading desks and a sharp revival in deal making.

JP Morgan , Goldman Sachs and Citigroup brushed past estimates on Tuesday, with Jamie Dimon’s banking juggernaut collecting $14.4bn (£10.8bn) in profit – a 12 per cent annual rise.

The bank’s revenue rose nine per cent to $47.2bn. Meanwhile, Citi’s revenue soared to $22bn, easily surpassing expectations of $21bn. Bank of America, the nation’s second-largest lender, recorded a 10.8 per cent increase to revenue at $28.2bn.

Morgan Stanley and Goldman Sachs followed on Wednesday, each reporting 18 and 20 per cent jumps