Investment bankers’ advisory fees have plunged to the lowest level in almost a decade as the industry suffers from a wave of job cuts because of a prolonged slowdown in deal activity.
Fees for completed mergers and acquisitions globally plummeted 35 per cent in the first half of the year to $12.8bn compared with 2022, the lowest level since 2014, according to data provider Refinitiv.
Global M&A fell 38 per cent to $1.3tn in the first half, the lowest deal volume since the start of the pandemic in 2020, as higher rates, stricter antitrust enforcement and geopolitical tensions hit the market.
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