: Major Wall Street banks in India raked in their second-highest fee income since the global financial crisis in the first nine months of this year, benefitting from a flurry of private-sector deals despite the coronavirus pandemic.
In 2018, those five banks earned $176.5 million in Indian fees in the first nine months of the year, which was the highest for the period since 2007. "In aggregate, the quantum of capital raising will continue but it'll be more diversified next year. The pipeline is stronger than six months ago." Raj Balakrishnan, Bank of America's head of India investment banking, said consumer-tech would be a big deal driver for the country in the near future with more consolidation and initial public offerings to come.U.S. and European banks received 41.9% of the total investment banking fees earned in India in the first nine months of 2020, up from 37.2% last year, in a highly competitive market with a large number of local rivals.
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