Jefferies has kicked off a closely watched earnings season for Wall Street banks with record annual dealmaking fees, capping a frantic year of activity when M&A reached new highs.

The US-headquartered bank, which expanded its roster of senior bankers by 24% last year, made $4.4bn from investment banking fees last year, an all-time high. The bank said it was driven by record M&A activity, with overall investment banking and capital markets revenues increasing by 36% to $6.8bn for 2021.