The sudden drop off in dealmaking activity this year, particularly in the wake of Russia's invasion of Ukraine, is just a short-term setback, according to Deutsche Bank's chief financial officer James von Moltke.

After the boom of 2021, mergers and acquisitions activity is down by 32% to $801bn so far this year, according to data provider Dealogic. Investment bankers told Financial News previously that the conflict in Ukraine could derail the volume of deals in the longer term.