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Reuters

Profits at large global banks set to fall sharply due to M&A slowdown

Profits at the world’s biggest banks are expected to fall for the first time in seven quarters, dragged down mainly by a slowdown in mergers and acquisitions (M&A) activity and a decline in equity and debt issuance deals. According to Refinitiv data, the combined net profits of top global banks including Morgan Stanley, JPMorgan Chase & Co and Citigroup Inc are expected to fall 2% in the March quarter, compared with the cumulative profits in the December quarter. That would mark their first quarter-on-quarter profit drop since the second quarter of 2020, according to Refinitiv.