As US and European banks start to present results for the first quarter of 2022, do not expect many to lead with their investment banking divisions. The news there is mostly bad.
Data from Dealogic shows that global investment banking fees came in 33% lower than in the first three months of 2021, a boom time for special-purpose acquisition company (Spac) IPOs and for M&A.
While M&A fees have held up, this is the smallest revenue line in investment banking.
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