Wall Street banks have shown deep falls in their investment banking businesses in the fourth quarter, prompting thousands of job cuts, but executives are looking for signs that corporate CEOs are regaining confidence in doing deals again.
Morgan Stanley and Goldman Sachs 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 percent from the year-earlier quarter, according to data from analytics firm Dealogic.
Banks are looking for a peak in the United States Federal Reserve’s aggressive rate hiking for confidence to return in boardrooms, along with a reduction in sharp swings in market prices.
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