Major 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.
Dealogic data showed that globally, investment banking revenue tumbled 16% in the third quarter from a year earlier. But lately, bankers have been sounding more positive on the transaction pipeline after Exxon Mobil
"Client discussions have been turning more constructive over the past several months," said Orszag, who took the helm earlier this month. The independent investment bank on ThursdayMorgan 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.
"It remains hard to predict when deal activity will sustainably rebound," Citigroup CEO Jane Fraser told analysts on a conference call this month. The bank advised Exxon on its acquisition of Pioneer Natural Resources "We basically doubled the size of that team, and we'll double it again," CEO Brian Moynihan told analysts, without specifying staffing numbers.
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