Report
Investment Banking in the Wake of Economic Uncertainty: FY22 in Review and 2023 Outlook
This report reviews the impact of economic uncertainty on the investment banking industry during FY2022 and provides an outlook for 2023. Following an exceptionally strong 2021, global mergers and acquisitions (M&A) activity experienced a significant slowdown, with deal value falling by more than one-third to USD 3.6 trillion, representing the largest year-over-year decline since 2001. The total number of M&A transactions also decreased by 17% globally. In the second half of 2022, deal activity dropped further to USD 1.4 trillion, down 33% from the first half and marking the sharpest H2 decline since 1980. The United States experienced the most pronounced slowdown as rising interest rates, inflation, geopolitical uncertainty, and weakening market sentiment pressured corporate dealmaking. T
