JPMorgan beats Goldman in advising M&A deals

NEW YORK: JPMorgan Chase, which navigated the financial crisis without a quarterly loss, is now making more money advising more corporate clients on mergers and acquisitions than Goldman Sachs Group. Led by chief executive officer Jamie Dimon, the New York-based lender took in $1.26 billion in advisory fees in the first nine months of the year, topping Goldman Sachs for the first time since 2000, when Chase Manhattan bought JP Morgan.

The bank also extended its lead in underwriting equity and debt offerings, earning $4 billion in the same period, twice as much as Goldman.

JPMorgan, which posted net income of $8.45 billion for the nine months, and Goldman Sachs, with $8.44 billion, are the most profitable US banks that have reported third-quarter results.