The world’s largest investment banks made more money in fees during the first nine months of the year than at any point since before the 2008 financial crisis, fuelled by emergency fund raisings, IPOs and a rash of M&A activity.

Investment banking — fees soared to around $64bn in the first three quarters of 2020, the most lucrative start to the year for the sector since 2007 when banks were riding high at the top of the last M&A cycle and a year before Lehman Brothers collapsed.