US investment banks see early signs of revival in dealmaking

Major Wall Street firms said a dismal year of dealmaking appears to have hit a trough, and now some companies are looking to merge, offering hope that investment banking revenues could pick up after a disappointing third quarter.

Dealogic data showed that globally, investment banking revenue tumbled 16% in the third quarter from a year earlier. But lately, bankers have been sounding more positive on the transaction pipeline after Exxon Mobil and Chevron both announced acquisitions for more than $50 billion.

Those takeovers, alongside a nascent revival in initial public offerings (IPOs), should bolster investment banking revenues next year.

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