Profits

The US’s two biggest banks have seen a record quarter for investment banking revenue as pandemic fears recede.

The bank has announced plans to accelerate its transformation, cutting further jobs and looking attention overseas.

The UK lender will reinstate bonuses and undertake a share buyback as its COVID-damaged profits beat analysts’ predictions.

Bond trading revenues and an effective cost-cutting programme netted the bank an estimate-smashing profit of €624 million.

Quarterly earnings reports have illustrated the damaged caused by COVID-19, and European investors are spooked.