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Fee haul slips by 41% for Wall Street banks as Ukraine war hits deals: ‘Clients are holding their breath’
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fnlondon.comFees for the top five Wall Street investment banks slumped 41% less in fees during the first quarter, as a pause in M&A and whipsawing equity markets in the wake of Russia's invasion of Ukraine have threatened a deal boom that led to a bumper 2021.
JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup are set to make $7bn in investment banking fees in the first quarter of 2022, according to data provider Dealogic, nearly $5bn less than at the same point last year.
Overall,...
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