JPMorgan Chase & Co. out-earned global rivals in Japan last year after capitalizing on a dealmaking spree fueled by the Asian nation’s push to improve corporate governance.
Net income at the U.S. lender’s local securities subsidiary more than doubled to ¥45.6 billion ($309 million) in the year ended March 31 — the highest in at least seven years, according to filings. That marked a rebound from the previous year’s retreat, reflecting a jump in merger advisory and underwriting business.
Japanese companies have stepped up acquisitions as well as sales of noncore units in recent years, providing more opportunities for investment banks. The trend has also stoked competition for talent at global firms from Citigroup to Deutsche Bank.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.