A 21% rise in debt and equity origination drove Lehman Brothers' investment banking revenues up by 6% to $579m (€480m) in the second quarter which ended on May 31. The performance offset poor results from mergers and acquisitions which slumped 34% to $97m.

The second quarter produced the bank's second-highest debt underwriting revenue on record and the the second-highest quarterly equity underwriting result in almost five years.