JPMorgan's investment bank surged in the first quarter, kicking off an earnings season where dealmakers are expected to bolster overall profits at Wall Street's biggest lenders.

The US banking giant posted revenues of $33.1bn, up by 14% on the previous year and ahead of analysts expectations as investment bank fees surged. Net profits of $14.3bn were up by nearly 400% on the same period last year, when the Covid-19 pandemic started sweeping across the world.