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Dealmakers predict more muted M&A and ECM activity in 2023

Even the most optimistic dealmakers expect a rebound of around 6%, according to a new survey

M&A activity has been stymied by rising interest rates, gridlocking leveraged finance markets, surging inflation and the war in Ukraine
M&A activity has been stymied by rising interest rates, gridlocking leveraged finance markets, surging inflation and the war in Ukraine Photo: Getty Images

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The muted levels of mergers and acquisitions, and equity fundraising activity — which forced most major investment banks to cut jobs last year — is expected to continue in 2023, according to a survey of more than 550 dealmakers.

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