Danielle Fugazy

Dealmaking involving insurance firms, real estate and some related technology businesses is expected to be busy in 2014. Commercial banks can bemoan tepid M&A in their own corner of the financial world, or learn from these other sectors.

As banks continue to shed their private equity portfolios for regulatory and other reasons, PNC spin-off Incline raises money for a new investment fund and continues to work with its former owner.

Under CEO John Thain, CIT Group is focusing on lending to private equity groups, selling troubled assets and making other changes. It is also on the prowl for deals.

Private-equity firms are stepping up investments in building-product companies and home builders — a bet on the housing market's rebound — but some of the investors freely admit that focusing on the ailing industry is fraught with risk.