He kept the stock underwriting and trading businesses.

He had most recently been the co-head for stock underwriting at the company before taking a six-month leave.

It is the first time Fidelity has been involved in a stock underwriting, and one of the rare times for Schwab.

Although it leads its competitiors in the traditional lending business, Chase has been slow to seize opportunities to expand into stock underwriting.

Merger activity and stock underwriting, two engines of the firm's profits, remain subdued, he said.

He says that Chase intends to expand its presence in stock underwriting and sales but that the bank can afford to wait for the right opportunity.

The biggest firms are pinning their hopes on a resurgence of demand for stock underwriting and advisory services.

So far this year it ranks 14th in stock underwriting worldwide and third in bond underwriting.

Though it leads the pack in the traditional lending business, Chase had been slow to seize on the opportunity to expand into stock underwriting.

Almost all the action now is in the bond market as stock underwriting has come to a virtual halt.