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Wall Street bosses cheer investment banking gains but stay cautious

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Investment banking divisions showed robust growth in the first quarter for the largest U.S. banks, which reported surging revenues and fees

Wall Street’s bosses are finally seeing signs of a broader pickup in investment banking, but they are not cheering too loudly just yet.

“We’re just happy to see the investment banking activity improve,” BofA’s finance chief Alastair Borthwick told journalists. He cited efforts to deepen is presence in middle markets and boost collaboration between corporate and commercial bankers. “We are cautiously optimistic that we could see a measured reopening of the IPO market in the second quarter,” Citigroup CEO Jane Fraser told analysts on Friday.

Citi hired JPMorgan’s former co-head of investment banking, Viswas Raghavan, who is tasked with growing its banking revenues when he joins later this year. Morgan Stanley’s Pick is more optimistic than other CEOs on the effect of geopolitical risks, saying in some cases it can even create incentive for international deals if global conflicts affect supply chains.

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