M&A rainmakers hit a drought

A in nine years, a non-existent IPO market, and a frozen leveraged finance market.A by global private equity firms, which were sitting on an estimated $US1.24 trillion in dry powder at the end of June.

His belief that there will be job cuts and bonus reductions here rests on the premise that there is little or no revenue being generated in equity capital markets unless it’s in prime broking. Also, he says there are few active takeovers and poor visibility of future deals because of risk aversion among boards.

“I think we will see headcount reductions as we move into a softer six to 12 months ahead, especially at certain banks not generating material revenues,” he says.As usual, the league tables published by Dealogic are a source of controversy. Bankers claim there are serious weaknesses in Dealogic’s methodology.

Another banker says the Dealogic investment banking revenue table is misleading because global deals with an Australian connection – such as work done by an Australian office of a global bank – have the revenue attributed to offices in other countries.Two bankers said the only real measure of performance was the volume of deals measured without the inclusion of foreign deals, and this table makes UBS and Citi look a lot better than would otherwise be the case.

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