US investment banks see uneven recovery in dealmaking despite strong start to 2024

Dealmaking in U.S. investment banking is showing signs of revival, with the big five banks reporting a 27% increase in first-quarter fees from mergers and fundraising activities compared to last year. Bank of America leads with a 35% rise in revenue, but the sector's recovery remains uneven. Key drivers include robust bond and loan sales, spurred by anticipations of interest rate cuts. However, challenges persist, particularly in private equity and regulatory environments, hinting at a potentially turbulent 2024 for the industry.

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By Paul J. Davies

Dealmaking is back! At least that's what it looks like after the big five US investment banks reported a 27% increase in first-quarter fees from mergers, takeovers and fund raising than the same period last year. Beneath the surface, the recovery is patchy and the bullish outlook of many Wall Street executives relies on private-equity firms getting back into the game.

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