Investment bankers see dealmaking lull storing pent-up demand

© Reuters. A man is seen silhouetted wearing a protective face mask, amid the coronavirus disease pandemic, walking near the financial district of New York City, U.S., October 18, 2021. REUTERS/Shannon Stapleton/File Photo

Global mergers and acquisitions totaled $2 trillion in the first nine months of this year, down 27% from a year ago to their lowest level since 2013, according to LSEG data. This has fueled soul-searching among investment bankers about the prospects for their business. Uncertainty over the Federal Reserve raising interest rates further to fight inflation, the conflicts in the Middle East and Ukraine, concerns about a potential economic slowdown and growing hostility among antitrust regulators to big deals have all weighed on the M&A market.

"Our are at one of the largest levels that you've seen in five-six years. Some will come out and take the lead," Aiyengar said.

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