Wall Street banks have benefited from a boom in dealmaking, hauling in record fees in the second quarter as the Covid-19 fuelled trading boom has finally faded. 

Dealmakers at Goldman Sachs, JPMorgan, Citigroup, Bank of America and Morgan Stanley have all helped offset a decline in trading revenues during the second quarter of 2021, as the frenzy for blank-cheque companies has been coupled with a boom in M&A and initial public offerings over the past three months.