Investment Banking Boosts Earnings for Fleet, Key
Higher fee income helps earnings hit the mark for numerous banks.
Investment bankers at FleetBoston Financial (FBF) and KeyCorp (KEY), please take a bow. These corporate advisors and dealmakers were responsible for sizable gains in fourth-quarter profits at both companies, helping Fleet and Key each beat analysts' consensus earnings estimates by a penny on Wednesday.
Although the investment-banking units at both companies have been strong in recent quarters, investors should not expect these groups to consistently report record-breaking returns. After all, their businesses are highly dependent on the whims of the stock market.
Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.