Investment Banking

Dealmakers pin hopes on European revival as US stutters

Investment bankers expected a surge in deals this year, but it has been a disappointing start. One upside is increased interest in Europe

Eyes are turning to the EU amid Trump’s volatile return to the presidency
Eyes are turning to the EU amid Trump’s volatile return to the presidency Photo: John Keeble/Getty Images

Top dealmakers are pinning their hopes on a revival of activity in Europe, as president Donald Trump’s trade war has dampened expectations for US investment banking fees. 

At the beginning of 2025, investment bankers and lawyers were anticipating that Trump 2.0 would rekindle animal spirits and prompt firms to pull the trigger on pent up demand for M&A deals and equity fundraising. 

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