Investment banks across the world generated a record $124.5bn in fees this year as companies raced to raise cash in order to survive the pandemic.
The windfall came as lenders earned high fees underwriting debt and equity offerings for clients such as aerospace group Boeing, property rental site Airbnb and telecoms group SoftBank, according to data provider Refinitiv.
It was a “very robust year for underwriting both debt and equity”, said Jason Goldberg, an analyst at Barclays. “You saw a bump this year as companies looked to access capital markets to shore up their balance sheets in the face of pandemic-related uncertainty.”
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