A surge in revenues from advisory work propelled JP Morgan’s fees from investment banking in the three months to the end of June to their highest quarterly level in four years, although the picture was more mixed on the trading front.

JP Morgan kicked off Wall Street's second-quarter earnings season on Tuesday with a set of figures that revealed that fees from advisory and capital markets underwriting - which the bank described in its results presentation as investment banking fees - rose 3% from a year ago to $1.8 billion.