In tough markets, changes in banks’ market share can be particularly telling. Mergers and acquisitions had another down year in 2023, with total volume falling to $3.13 trillion, from $4.3 trillion in 2022, when rates first started rising, and $5.7 trillion in the post-Covid boom of 2021.
But some things don’t change. Goldman Sachs retains its normal position at the top of the global advisory league tables by both M&A revenue and M&A volume.
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