JPMorgan’s corporate and investment bank surged by 30% in the third quarter, as a bumper three months for its dealmakers and stock traders helped offset a slump in fixed income revenues.

The US banking giant kicked off a third-quarter earnings season for Wall Street lenders by beating analyst expectations, with soaring M&A and equity capital markets activity driving its corporate and investment bank to a $5.6bn profit — up by 29% on the same period in 2020.