The resurgence in fixed-income, currencies and commodities performance fuelled $74bn (€51.4bn) worth of revenues at 12 of the largest investment banks during the second quarter, according to a new report from Morgan Stanley’s chief financials analyst, who earlier this year predicted these “flow monsters” would be best-placed to produce sustainable returns.

The $74bn of revenues at banks including Goldman Sachs, UBS and JP Morgan, was 20% up on the money earned during the previous quarter, according to a report released today by Hugh Van Steenis, Morgan Stanley's lead European financials analyst.