Wall Street investment banking slammed, as execs hope for more confidence ahead

reported a plunge in fourth quarter profits on Tuesday, as Wall Street dealmakers handling mergers, acquisitions and initial public offerings faced a sharp drop in their businesses in 2022. Rising interest rates roiled markets last year and global investment banking revenue sank more than 50% from a year-earlier quarter, according to data from analytics firm Dealogic.

"I am highly confident that when the Fed pauses , deal activity and underwriting activity will go up," said Morgan Stanley Chief Executive Officer James Gorman on the bank's earnings call. "CEOs and boards tell me they are cautious, particularly for the near term," said Goldman Sachs chief executive David Solomon who said that there was an adjustment period for investment banking to return, as investors or CEOs re-adjust their views about valuations after slides in the market.Solomon also said that the first sign to look for would be in the investment grade debt market.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street veteran whose fund returned 160% in 2022's bear market shares his trading 'bible'Fund manager Neal Berger, who more than doubled his money last year, reveals how he trades the market. Keywords: Fraud, Tax evasion, Scam, Ponzi Scheme...
Source: CNBC - 🏆 12. / 72 Read more »

Morgan Stanley's earnings top Wall Street expectations, helped by record wealth management revenueMorgan Stanley reported fourth-quarter earnings before the opening bell on Tuesday.
Source: CNBC - 🏆 12. / 72 Read more »

SiriusXM Hires Ex-Wall Street Journal CMO Suzi Watford for New Business Development RoleSiriusXM has recruited Suzi Watford, most recently chief marketing and membership officer at Dow Jones, for a newly created role leading the satellite radio and audio-streaming company’s grow…
Source: Variety - 🏆 108. / 63 Read more »