Top banks' top M&A teams by region and sector in a horrible year
End of year reviews for M&A banking are out and it won't come as a surprise to learn that they're horrible. Worldwide M&A was at a decade low in 2023 according to preliminary calculations from the London Stock Exchange Group. Those same calculations put M&A deals with UK involvement at their lowest levels since 2009.
As the chart below shows, the upshot is that even the market leader (Goldman Sachs) experienced a 35% decline in M&A revenues last year compared to 2022. At UBS, which is grappling with the Credit Suisse integration, revenues were down 45%. At Barclays, where bankers have been pressuring for a delay to 2023 bonus decisions in the hope that late deals come in, revenues were down 25%. At Deutsche Bank, which has been pouring money into hiring senior M&A bankers in the hope of a coming deal rebound, revenues were so low that it ranked outside the top 10 globally and came only 14th in EMEA (down from 11th last year).
[The charts in this article are only visible in full on a desktop computer. 🥺]
Who deserves the plaudits for Centerview's success? The charts below based on figures from rival information provider Dealogic, showing M&A revenues by key sector and region at leading banks at the end of December, suggest it was the US healthcare team that did it.
Elsewhere, revenues in Goldman's EMEA industrials team were down nearly 50% this year, as were revenues in its US technology team. Revenues in JPMorgan's EMEA and APAC tech teams were down over 60%. The most precipitous decline, though, was in Goldman's APAC Financial Institutions Group (FIG) revenues, where fees were down almost 80%.
While APAC FIG bankers had a particularly horrible 2023, if you were working in a major M&A team for a major bank last year, some of the best seats seem to have been in EMEA FIG teams. JPMorgan's EMEA FIG revenues were up over 30%.
The London Stock Exchange Group suggests energy and power teams were also good places to be last year. Energy and Power M&A deals were up 12% and accounted for the biggest share of total deal fees (17%). LSEG says healthcare M&A fees were up 8%. However, it puts technology M&A down 47% and industrials down 14%.
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