• Investment Banking

JPMorgan’s Daniel Pinto predicts smallest dealmaking fee pool in a decade

Pinto predicts a wallet of $70bn in 2023, the smallest fee pool since 2012

Daniel Pinto predicts a "tough year" for dealmaking

Investment banking fees are likely to shrink to $70bn globally this year, according to JPMorgan's president Daniel Pinto — the smallest wallet for the industry in more than a decade.

Pinto, who is also chief executive of JPMorgan's corporate and investment bank, said that 2023 will be a "tough year" and that the overall fee pool is likely to shrink by around 10% compared with the $78bn banks brought in last year. This followed a record year for dealmaking in 2021, when banks hauled in $133bn.