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Banks Brush Off Market Uncertainty With Record Deal Fees

Banks Brush Off Market Uncertainty With Record Deal Fees

Rising uncertainty in markets didn’t stop the biggest U.S. banks from hauling in record revenue from investment banking. Among the big winners were Morgan Stanley and Bank of America Corp., which both handily beat expectations thanks to their investment banking and consumer businesses, respectively. Wells Fargo & Co. was the lone bank to miss analysts’ earnings estimates as its total loans and deposits both dropped.