Investment banking

The banking and trading group is expected to shoulder many of the reductions, which come a few months after the firm trimmed about 2% of its workforce.

Morgan Stanley's investment bank and its giant wealth unit surpassed analysts' expectations in the first quarter even as profits fell from a year earlier, dragged down by a drop-off in dealmaking and a jump in loan-loss provisions.

Fixed-income trading revenue declined 17% in the first quarter, contributing to firmwide revenue that fell short of analysts' estimates. Overall net income dropped 19% to $3.09 billion.

The bank is reassigning staffers to busier divisions as attrition and hiring slow.

Longtime Citi M&A exec ran for NYC mayor after leaving the bank.

The recent drought in deals means the company "may have to repace in certain areas" its investment banking unit has beefed up in for years, including energy, biotechnology and health care, Chief Financial Officer Mark Mason says.

The new management layer would be senior to the bank's managing directors, executives told employees at an off-site.

Apollo Global Management is in talks to inject the funds to support the leveraged-finance business of Credit Suisse Group's investment banking spinoff First Boston, potentially making it one of the biggest backers of the Swiss lender's revamp.

The bank was one of the last major holdouts to bow to expense pressures that have left no one immune.

Truist Financial eliminated about 5% of its investment banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.

The Dallas-based company is rolling out a national investment banking unit as it seeks to serve clients through the entire business life cycle. It has also promoted three top-level executives into new roles.

Deutsche Bank is preparing further job cuts to keep costs in check, with the focus likely to be areas outside the trading unit.

Citigroup is raising compensation for its junior investment bankers by as much as 15% even as many Wall Street peers are cutting jobs and slashing bonuses after last year's industrywide deals slump.

Credit Suisse Group is close to an agreement to buy Michael Klein's advisory boutique after several rounds of tense negotiations, according to people briefed on the talks.

The Spanish lender, aiming to become a leader among second-tier lenders in the U.S., expects to increase the number of bankers at its securities and advisory unit, its head of corporate and investment banking said.

Wells Fargo nabbed a spot among the top 10 advisors on mergers and acquisitions last year, a first for the firm as it ramps up its investment bank under Chief Executive Charlie Scharf.

Banks saw dealflow weaken in 2022, both for deals on which they advised and for their own M&A involving other banks and fintech companies.

Investment bankers working on mergers and acquisitions need to review their due diligence processes to ensure deals aren't upended by an evolving set of ESG risks, according to Berkeley Research Group.

Across Wall Street, this year's bleak expectations for banker bonuses are rapidly proving true, as a slump in dealmaking ends the industry's war for talent and firms regain the upper hand in setting pay.

Bank of Montreal took a hit in the fiscal fourth quarter as a chill in capital markets weighed on investment banking revenue.