The global chairman of mergers and acquisition at Deutsche Bank has predicted that annual deal volumes in 2010 will be flat or lower than last year despite an increase in private equity activity and two banks this week predicting that there will be a jump in dealmaking in Europe.

Last year global announced M&A volume was $2.4 (€1.9) trillion, the lowest annual total since 2004 and down 24% on announced deals in 2008, according to data provider Dealogic.