Dealmaking fees are on course to rebound by 21% in the first quarter of 2024, but M&A revenue remains low despite an uptick in transactions during the period.

The world's biggest investment banks are set to bring in $15.1bn during the first three months of this year, according to preliminary numbers from data provider Dealogic, 21% more than in 2023, when banks kicked off their biggest job cuts since the 2008 financial crisis.