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Business is up on Wall Street, but not nearly enough to start popping bottles. 

Investment banking revenues at the top-12 banks hit $82 billion during the first half of 2017, according to data from industry consultant Coalition. 

That’s a 4% increase from last year, but still a yawning gap from the performance of 2012 to 2015, when first-half sales never dipped below $91.5 billion.

And while first-half performance so far is beating 2016, that’s mostly thanks to a strong first quarter. Second-quarter revenues were ugly, coming in at $39.5 billion, or 5% less than the year prior. 

The data includes revenues for: Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Societe Generale, and UBS. 

Here’s the full breakdown: 

Wall Street revenues so far have eclipsed the torpid pace set in 2016, thanks to a 19% gain on the investment banking side. Equities performance lagged though.

The second-quarter, however, saw a 5% dip from 2016 thanks to a steep drop off in fixed income revenue.

Overall, fixed income revenues were up slightly in the first half, hitting $38.5 billion. The division had been on a steady decline since 2012. Commodities hit $1.3 billion, the lowest level since 2006 thanks to continued struggles in energy and natural gas.

See the rest of the story at Business Insider

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