Wall Street Executives Report Robust Deal Pipeline Despite M&A Slump
Investment banking executives report a strong backlog of corporate deals despite a 41% drop in global M&A volumes and a slowing IPO market.
Wall Street banking executives report a robust pipeline of investment banking deals and active strategic dialogue among corporate clients, even as market volatility and rising bond yields create headwinds. Jeremy Barnum, Chief Financial Officer of JPMorgan, noted a brief slowdown in late September as buyers and sellers reconciled valuation terms, though he characterized the trend as delayed rather than canceled.
While global M&A volumes fell 41% to $993 billion in the third quarter—dropping below $1 trillion for the first time since early 2025—executives remain optimistic. Citigroup CEO Jane Fraser identified the United States as the primary center for advisory and capital markets activity, and Morgan Stanley CFO Sharon Yeshaya confirmed that strategic investors have resumed deal discussions in recent weeks.
The IPO market has lost momentum, with companies including Holtec, Oura, and SB Energy postponing public offerings due to investor selectivity and valuation concerns. Goldman Sachs CEO David Solomon described the overall deal backlog as incredibly robust, despite noting that conditions softened during September.
