Consolidation, Trade Pressure, and AI Drive US Business Dynamics
1. Capital‑Driven M&A Consolidation
Five major U.S. banks reported a “sharp revenue increase” in advisory, equity and debt underwriting, with equity‑underwriting revenue at Morgan Stanley up 80 % YoY. Global M&A fees rose 42 % to $11.5 bn, while Goldman Sachs advised on more
