Barclays’ investment banking fees jumped by nearly 30% in 2024 as the UK lender benefited from a surge in debt underwriting work.

The UK lender’s investment banking fees were £2.5bn for the year, it said in a statement, an increase of 28% on the prior period as deal activity rebounded. Barclays’ debt underwriting unit accounted for around 60% of this as companies looked to refinance ahead of the US presidential elections in November.