Pleasant conditions for investment banks have continued over the summer and into September, according to JP Morgan, whose analysts now forecast an industry-wide third-quarter revenue rise rather than fall thanks to strong fixed income trading activity – but UBS is set to miss the party.

JP Morgan's banks analysts, led by Kian Abouhossein, had expected investment banks' quarterly revenues to fall by 7% year-on-year, a bank spokesman confirmed, before publishing their latest note on September 22, in which they have upgraded their forecast to a 2% rise in revenues across the industry as a whole.