JPMorgan Tops Foreign Banks’ Earnings in Japan on Deals Boom

JPMorgan Chase & Co. out-earned global rivals in Japan last year after capitalizing on a dealmaking spree fueled by the Asian nation’s push to improve corporate governance.

Net income at the US lender’s local securities subsidiary more than doubled to ¥45.6 billion ($309 million) in the year ended March 31, the highest in at least seven years, according to filings. That marked a rebound from the previous year’s retreat, reflecting a jump in merger advisory and underwriting business.

Japanese companies have stepped up acquisitions as well as sales of non-core units in recent years, providing more opportunities for investment banks. ...