Sidney Crosby shares Donair with teammates #donair #hockey #sports #halifax - Raymond James on Wednesday posted a 11% rise in second-quarter adjusted profit, powered by strong performance in its capital markets business on the back of a rebound in mergers and acquisitions.
After a two-year dry spell, global M&A activity bounced back this year, on expectations of potential interest rate cuts and a rally in the equity markets.Total M&A volumes globally climbed 30% to about $755.1 billion in the first quarter, according to the most recent data from Dealogic. Revenue in the capital markets unit jumped 6% to $321 million in the January-to-March quarter, driven by a rebound in investment banking, which increased to $171 million from $145 million in the year ago period.
Wall Street heavyweight and larger peer Morgan Stanley beat estimates for first-quarter profit last week, helped by a resurgence in investment banking and wealth management.Adjusted net income available to common shareholders was $494 million, or $2.31 per share, in the three months ended March 31, compared with $446 million, or $2.03 per share, a year earlier.