Investor Day 2023
After a record 2021, the Investment Banking (IB) industry wallet reverted to pre-pandemic levels in 2022,
with a softer start this year
GLOBAL WALLET EVOLUTION BY PRODUCT ($B)
GLOBAL WALLET EVOLUTION BY REGION ($B)
DRIVERS
$133
$133
2%
17%
39%
$92
$77
44%
27%
38%
DCM 47%
↑ Financial sponsor dry powder
↑ Private capital
↑ Corporate balance sheets
↑ Debt maturities
$92
2%
23%
$78
?
Interest rates
$78
$77
20%
2%
LATAM 2%
? Valuations
APAC 19%
21%
23%
EMEA 25%
15%
29%
ECM 22%
Average:
1Q 2012-19
$19
34%
47%
$16
M&A 31%
27%
44%
17%
39%
Average: 2020
2012-19
2021
2022
1Q'23
Source: Dealogic. For additional information, see note 2 on slide 43
JPMORGAN CHASE & CO.
26%
58%
Average:
1Q 2012-19
$19
55%
NAMR 54%
51%
$16
1%
27%
20%
52%
Average: 2020
2012-19
2021
2022
1Q'23
✓ Geopolitical uncertainty
Inflation recession concerns
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