Big banks needed M&A to roar back in 2024. It’s happening.

Yahoo Finance02-22

Wall Street banks really needed dealmaking to make a comeback. It may finally be happening. The volume of US mergers and acquisitions is up 130% so far this quarter, at $288 billion, according to data...

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It may finally be happening.\nThe volume of US mergers and acquisitions is up 130% so far this quarter, at $288 billion, according to data...</p>\n\n<a href=\"https://finance.yahoo.com/news/big-banks-needed-ma-to-roar-back-in-2024-its-happening-090044463.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big banks needed M&A to roar back in 2024. 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It’s happening.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-02-22 17:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/big-banks-needed-ma-to-roar-back-in-2024-its-happening-090044463.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wall Street banks really needed dealmaking to make a comeback. It may finally be happening.\nThe volume of US mergers and acquisitions is up 130% so far this quarter, at $288 billion, according to data...</p>\n\n<a href=\"https://finance.yahoo.com/news/big-banks-needed-ma-to-roar-back-in-2024-its-happening-090044463.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4500","symbol_name":"航空公司","start_time":0,"source_url":"https://finance.yahoo.com/news/big-banks-needed-ma-to-roar-back-in-2024-its-happening-090044463.html","article_id":"2413262394","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/XkRNemuWPrWLxd1TmYfndQ--~B/aD01NTA0O3c9ODI1NjthcHBpZD15dGFjaHlvbg--/https://s.yimg.com/os/creatr-uploaded-images/2024-02/077896e0-d101-11ee-bc3d-b15ad1af4cb1"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2413262394","pubTimestamp":1708592444,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Wall Street banks really needed dealmaking to make a comeback. It may finally be happening.The volume of US mergers and acquisitions is up 130% so far this quarter, at $288 billion, according to data from Dealogic, while worldwide M&A is up 56% to $453 billion.That surge includes three major deals announced this week in the US. Credit card lender Capital One  said it would acquire rival Discover Financial Services  for roughly $35 billion. Charlotte based regional bank Truist Financial  said it would sell its remaining $15.5 billion stake in an insurance arm. And retailing giant Walmart  confirmed plans to acquire smart TV maker Vizio  for $2.3 billion.That trend \"we think will bode well for the balance of the year,\" Citigroup Chief Financial Officer Mark Mason said Tuesday at a Bank of America Securities conference.There are many uncertainties still about the prospect for M&A throughout 2024, including what the Fed does on rates and how far the Biden administration goes in its campaig","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4500":"航空公司","TFC":"Truist Financial Corp","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0211326839.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","SAVE":"Spirit Airlines","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","GS":"高盛","KR":"克罗格","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","SIX":"Six Flags Entertainment Corp","V":"Visa","DFS":"发现金融","BK4590":"PTP","ALK":"阿拉斯加航空集团有限公司","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0971096721.USD":"富达环球金融服务 A","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","JBLU":"捷蓝航空","COF":"第一资本","C":"花旗","BK4539":"次新股","PNC":"PNC金融","BK4516":"特朗普概念","AXP":"美国运通","BAC":"美国银行","LU":"陆金所","MA":"万事达","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","VZIO":"Vizio Holding Corp.","WMT":"沃尔玛","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","ACI":"艾伯森","HA":"夏威夷控股","FUN":"雪松娱乐","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU1861217088.USD":"贝莱德金融科技A2","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0097036916.USD":"贝莱德美国增长A2 USD","JPM":"摩根大通","MS":"摩根士丹利"},"translate_title":"大银行需要M&A在2024年卷土重来。它正在发生。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ALK":1,"WMT":1,"VZIO":1,"V":1,"TFC":1,"SIX":1,"SAVE":1,"PNC":1,"MS":1,"MA":1,"KR":1,"JPM":1,"JBLU":1,"ACI":1,"BAC":1,"GS":1,"FUN":1,"DFS":1,"HA":1,"C":1,"COF":1,"AXP":0.9,"LU":0.6},"content_text":"Wall Street banks really needed dealmaking to make a comeback. It may finally be happening.\nThe volume of US mergers and acquisitions is up 130% so far this quarter, at $288 billion, according to data from Dealogic, while worldwide M&A is up 56% to $453 billion.\nThat surge includes three major deals announced this week in the US. Credit card lender Capital One (COF) said it would acquire rival Discover Financial Services (DFS) for roughly $35 billion. Charlotte based regional bank Truist Financial (TFC) said it would sell its remaining $15.5 billion stake in an insurance arm. And retailing giant Walmart (WMT) confirmed plans to acquire smart TV maker Vizio (VZIO) for $2.3 billion.\nThe pacts could mean hundreds of millions in new fees for some of the biggest banks at a time when their traditional lending profits are expected to decline. Morgan Stanley (MS), Goldman Sachs (GS), JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C) all had a hand in at least one of the transactions.\n\nThat trend \"we think will bode well for the balance of the year,\" Citigroup Chief Financial Officer Mark Mason said Tuesday at a Bank of America Securities conference.\nBig banks have been waiting two years for M&A to pick back up again. Last year was supposed to be the year things turned around; instead 2023 was the worst year for dealmaking in a decade as clients turned cautious about everything from the direction of interest rates to relations with China to the larger US economy.\nInvestment banking revenue at the five big banks with sizable Wall Street operations fell by an average of 9% last year. The portion of these fees tied to advice given on mergers or acquisitions declined even more, by 21% on average.\n\nSome executives even had to walk back their talk of \"green shoots\" after the hoped-for surge in deals failed to materialize.\nA lot is riding on a Wall Street revival that sticks in 2024. That's because banks expect to see their traditional lending income drop as demand falls and margins get squeezed. The Federal Reserve is expected to begin cutting rates at some point this year, and that could hurt the giant banks that were able to charge a lot more for their loans when rates were higher.\n\"Loan growth is [a] dog fight right now,\" Bank of America CEO Brian Moynihan said at a Bank of America Securities conference Wednesday, speaking to commercial borrowing usage by his company’s large corporate clients.\n\n\n\n  Brian Moynihan, CEO of Bank of America. (Tom Williams/CQ-Roll Call, Inc via Getty Images)\n \n\n  Tom Williams via Getty Images\n \n\nMason, the Citigroup CFO, added a note of caution about the M&A pickup. Even through \"we are seeing a significant increase in announced deals,\" the number of deals actually closing in the first quarter \"have not been that high.\"\nThere are many uncertainties still about the prospect for M&A throughout 2024, including what the Fed does on rates and how far the Biden administration goes in its campaign to scrutinize consolidations across a number of industries.\nLast month a federal court sided with the Justice Department’s request to block JetBlue’s (JBLU) $3.8 billion acquisition of rival Spirit Airlines (SAVE).\nA lot of other mergers also hang in the balance due to antitrust reviews, from the tie-ups of air carriers Alaska (ALK) and Hawaiian (HA) to grocery chains Kroger (KR) and Albertsons (ACI) to amusement park giants Six Flags (SIX) and Cedar Fair (FUN).\n\"The one thing we can be confident of is that the Biden administration will be tougher on mergers than the Trump administration so if I were trying to pull off a big merger, I'd wait until November,\" said Cornell Law School professor George Hay.\nBut clearly some companies are clearly willing to roll the dice on buying rivals, including Capital One. Its purchase of Discover would create one of the largest US credit card companies and a formidable new rival to American Express (AXP), Visa (V), and Mastercard (MA).\n\n\n\n  Capital One headquarters in McLean, Va. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)\n \n\n  BRENDAN SMIALOWSKI via Getty Images\n \n\nCapital One predicts the deal will close in late 2024 or early 2025 if it gets that regulatory approval.\n\"We doubt the timing is a coincidence. The deal is unlikely to close before the elections,\" Ian Katz, a managing director for Capital Alpha Partners, said Tuesday.\n\"If the Republicans win, approval becomes more likely. We think approval is also possible under Biden-appointed regulators, but the proposed deal will take many months and receive intense scrutiny.\"\nAnother big bank, PNC Financial Services Group (PNC), has also been making some noise about getting bigger as a way of surviving long term. Its CFO, Rob Reilly, made it clear Wednesday that the bank is not that concerned about regulatory pushback.\n\"We think should an opportunity arise for us... we think that there would be a large degree of regulatory support under the current setup,\" said Reilly, noting that he met with acting Comptroller of the Currency Michael Hsu last week.\nDavid Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance.\nClick here for in-depth analysis of the latest stock market news and events moving stock prices.\nRead the latest financial and business news from Yahoo Finance","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2413262394"}