Banks’ Wall Street Businesses Boom as Executives See Staying Power

Morgan Stanley and Bank of America on Wednesday reported third-quarter financial results that blew past investors’ expectations, thanks in part to their dealmakers’ and traders’ fortunes. Mergers and acquisitions and initial public offerings are picking up, leading to busier times for bankers who underwrite deals, arrange financing, and advise management teams on transactions. A volatile market, meanwhile, has led to a fresh wave of activity on trading desks across Wall Street.

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