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Bankers predict megadeals, plentiful debt and IPOs. The dealmaking resurgence even has a political slogan: European unity
France’s investment banking market recovered strongly in 2025 but that doesn’t mean domestic banks are happy. The market is super-competitive and US firms are winning many of the best mandates
The US bank has won more market share in European IB than its rivals after overhauling its leadership and doubling down in the region’s biggest markets
The US bank has emerged from its restructuring to record impressive market share gains following a reboot of its financial sponsor and leveraged finance businesses
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JPMorgan has established itself as the best investment bank in the world following the financial crisis, but its confrontational style of management raises big questions. This dysfunctionality was highlighted last week first when Bill Winters, co-chief executive of the investment bank, was unexpectedly replaced by Jes Staley.
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Europe’s established hierarchy of equity capital markets banks have spent months playing down the threat of universal rivals with strong balance sheets encroaching on their patch. But this week’s appointment by BNP Paribas of HSBC as lead bookrunner on its Eu4.3bn rights issue shows that they can no longer ignore the threat — and that the credit crunch winners are closing ranks against them.
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So you think you need balance sheet power to compete in capital markets? Not if you’re Francois-Xavier de Mallmann, Goldman Sachs’ head of European financing. He has found that the firm’s position as defence advisor of choice gives it the perfect platform for its transactional skills.
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Corporate brokers are back in demand, supporting capital markets businesses at integrated banks. But the leading firms are leaving a big gap for independents to plot their expansion.
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How that deal was done, and how the former Lehman Brothers bankers are rebuilding their investment banking pipeline — and firing again in fixed income. David Rothnie reports.
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What will the new crop of boutique investment banks need to do to break the bulge-bracket stranglehold? Star power and capital will sort out the winners and losers, writes David Rothnie.