Investment banking fees at JPMorgan in the first quarter are likely to be up over 30% on the same period of 2020, its chief financial officer Jennifer Piepszak said, as M&A and equity capital markets activity has continued to surge into this year.

The US investment bank is likely to match its strong end to 2020 within its traditional advisory business, Piepszak said, which would mean fees in the first three months of this year could be up by a third compared to the first quarter of last year.