Bank stocks are often perceived to be a harbinger of broader economic trends so BankerAdvisor wheeled around some of the big banks’ reported second quarter earnings to spot broad movements

Tea Leaves and Emerging Economic Trends

Astor Group is a leading investment banking advisory firm with a reputation for performing complex transactions in North and South America. The firm provides a wide range of strategic and advisory services to prominent multinational corporations, family businesses and financial sponsors on mergers, acquisitions, divestitures, private placements and other strategic transactions. Astor Group serves diverse clients around the world from offices in New York and Rio de Janeiro.

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Almost one-third of startups bought by SPACs in 2021 anticipate slower revenue growth with the SEC questioning of revenue projections and warned that it could require some SPACs to restate their financial results. 

SPACs: End of the Beginning or Beginning of the End?

Fewer IPOs, a down market and the specter of recession don’t necessarily equal fewer mergers according to M&A research reports, easy access to low interest capital and a recovering post-pandemic global economy would help deal makers.

Have M&A Trends Flipped for 2022?

TD Bank Group  and Cowen Inc. today announced a definitive agreement for TD to acquire Cowen in an all-cash transaction valued at US$1.3 billion.

TD to Expand its U.S. Investment Banking Business and Capabilities with Acquisition of Cowen Inc.

Recent figures compiled by M&A and corporate finance firm Hampleton Partners show a 46 percent increase in fintech deals in the first half of 2022 compared with 2021 and a 70 percent increase compared with the first half of 2019 pre-pandemic deals.  Steady valuation, the availability of capital, and high-growth fintech companies make the fintech M&A market attractive. 

Fintech M&A on the rise as valuations crumble

JPMorgan Chase & Co. and Goldman Sachs Group Inc. were one and two in the rankings in investment banking revenue in 2022 with Bank of America Corp. in third in a year of shrinking business. The top 10 investment banks on Wall Street booked $56.4 billion in revenue in 2022 as of Sept. 14, down nearly 39% from $92 billion in 2021 as of the same date, and about 8% lower than 2020’s tally of $61.3 billion.

JPMorgan and Goldman are still top dogs in investment banking but business shrinks significantly in 2022 

Banks looking to boost their digital capabilities reportedly may be taking a closer look at acquisitions of FinTechs as the valuations of FinTechs have fallen 70% this year.  The decline in FinTech valuations has been driven by the economic downturn, rising interest rates, and lower investor confidence after the collapse of the cryptocurrency exchange FTX. In addition, banks earnings have increased as their lending business benefits from rising interest rates, and it’s easier for banks to buy FinTechs than to merge with other banks because the latter involves more regulatory scrutiny.

FinTech Winter May Lead Banks to Increase Acquisitions 

St. Louis-based investment bank Stifel Financial has agreed to acquire Torreya Partners, an M&A and private capital advisory firm specializing in life sciences. The acquisition of Torreya adds 40 professionals in the healthcare sector and expands Stifel’s advising in royalty monetization and licensing agreements, and it will also grow Stifel’s presence in Europe.

Stifel Financial swallows life sciences investment bank Torreya Partners

Swiss banking giant Credit Suisse on Wednesday saw its shares fall to a new record low, pressuring the broader market and the rest of the European banking sector days after two lenders collapsed in the U.S.  Credit Suisse shares fell as much as 23%, extending the declines that seen its shares drop 75% over the last 52 weeks. On Tuesday, Credit Suisse said in its annual report that it had material weaknesses in financial controls. Credit Suisse has lost money for five straight quarters, and its wealthy clients in the fourth quarter withdrew about $100 billion from the bank.

Credit Suisse shares tumble to new record low as European banking sector reels 

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