Analysis-US investment banks see early signs of revival in dealmaking

© Reuters. FILE PHOTO: Peter Orszag, CEO of Financial Advisory, Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo

Those takeovers, alongside a nascent revival in initial public offerings , should bolster investment banking revenues next year. Morgan Stanley's newly appointed CEO Ted Pick, who takes up the role in January, was similarly upbeat, telling CNBC on Thursday the"forward pipeline has gotten sequentially bigger with each passing month." He said mid cap and large-cap M&A across industry groups were"seen as the most interesting part of the next cycle."

Global investment banking revenue stood at $50 billion in the first three quarters of this year, 20% below the same period in 2022, according to Dealogic.Predictions for 2024 remain conservative given an uncertain economic environment. Wild cards include U.S. interest rates, inflation and conflicts in Ukraine and the Middle East.

"We have begun to provide more leverage finance for key clients," and companies are becoming more active in issuing debt, Fraser said, but the IPO outlook appears more fragile.

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Analysis: US investment banks see early signs of revival in dealmakingMajor Wall Street firms said a dismal year of dealmaking appears to have hit a trough, and now some companies are looking to merge, offering hope that investment banking revenues could pick up after a disappointing third quarter.
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