NEW YORK (
Bank of America
is threatening to edge out
as the top investment bank in terms of revenues in the fourth quarter, according to a research report published Tuesday.
JPMorgan's investment banking division has brought in more revenues than its counterparts at other banks in every quarter going back to at least the first quarter of last year, according to the Barclays Capital report, which cites Dealogic data.
As of Tuesday's report, however, Bank of America had brought in $550 million in investment banking revenue so far in the quarter, slightly more than the $541 posted by JPMorgan.
is in third place with $461 million, followed by
The overall numbers are down sharply from last year, however, where banks brought in more than $22 billion in revenues in the fourth quarter. This time around, they have brought in just under $7 billion in revenues so far in the quarter.
Barclays projects industry investment banking revenue for the quarter will come in slightly below the $14 billion set in the third quarter of 2011, but above the decade-long lows of $11 billion seen in both the fourth quarter of 2008 and the first quarter of 2009.
Written by Dan Freed in New York
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