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Investment Banks Eye Solid 4Q

NEW YORK ( TheStreet) --  Goldman Sachs (GS - Get Report), Morgan Stanley (MS - Get Report) and other large U.S. investment banks appear set for a "decent" fourth quarter driven by strong equity issuance, according to a report published Monday by Wells Fargo.

Initial public offerings in the U.S. have more than doubled vs. their pace both in 2012 and vs. the fourth quarter last year. In fact, IPOs "are trending at the highest level since 2000," the report states. International IPOs, meanwhile, are up 50% vs. a year ago and are quadruple the level of the fourth quarter of 2012.

Secondary equity offering activity has also improved sharply. By contrast, M&A activity remains "muted," while debt issuance has declined.

JPMorgan Chase (JPM) looks set to lead the industry in investment banking revenue for the third straight quarter, with total revenue of $1.69 billion. Goldman Sachs looks set to be second with $1.27 billion in revenue, followed by Morgan Stanley, Citigroup (C) and Bank of America (BAC). All these companies are set to hold investor presentations at a financial services conference hosted by Goldman Tuesday and Wednesday.

-- Written by Dan Freed in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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SYM TRADE IT LAST %CHG
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MS $33.27 -3.40%
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FB $87.91 -1.70%
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