...Equities Buoy Results: Higher equity underwriting and equity trading revenues helped propel the five banks included in this report to very strong capital markets results during 2Q18, which in aggregate were at the third highest level in three years. Trading Results Improve from Prior Year: Trading revenue increased 9% year over year with a 7% increase in FICC and 14% improvement in equity trading, reflecting favorable macro trends, which supported corporate and investor activity. Tailwind from Taxes: Due to the benefit of higher interest rates, still-low retail deposit costs, improved asset and wealth management revenues and the considerable tailwind from tax legislation, quarterly net income was approximately 30% higher on average as compared to the same period a year ago. Fitch Ratings notes that linked-quarter results are impacted by the very strong performance of 1Q18, which is seasonally the strongest quarter of the year. Record Net Income Levels: This was the highest quarter on record...
