JP Morgan’s bankers handling mergers and acquisitions brought in more quarterly revenue than their colleagues in the bond underwriting business for the first time in seven years during the last three months of 2015.

The US bank, led by chairman and chief executive Jamie Dimon, opened the Wall Street reporting season on January 14, posting results for the three months to December 31, 2015 and for the full year that included an expected fall in earnings from its giant fixed income trading unit.