Hi. I’m Aaron Weinman. Today is my last dispatch as the author and editor of 10 Things On Wall Street. Although I am extremely sad to be leaving, after almost 11 years living abroad, I have decided to return to Australia. But you’re in good hands — my Insider colleagues will be leading the newsletter from here.
But the show must go on. The numbers for the third quarter were pretty grim with a new quarter just about to begin.
Global M&A deal values reached about $2.7 trillion for the first nine months of 2022, down 34% for the same period last year, according to data from Refinitiv.
Cross-border M&A was down nearly 40% for the first three quarters, while private-equity-backed buyouts dipped roughly 26%, the data showed.
Banks have taken note of the slump in deal volume. Reduce your workforceReduce their expenses.
Let’s make it one more time.
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1. Volumes and deals values declined in the first nine month of this year. Companies have been reluctant to merge or acquire due to high levels of inflation, economic uncertainty and higher borrowing costs.
Globally, the number of M&A deals fell to 39,250 from January through September, down 18% from 48,045 in 2021, Refinitiv data showed.
Cross-border transactions reached 11,753 in the first nine months 2022, a decrease of 12% over last year’s 13,385 transactions. Data showed that private-equity land saw a 27% drop in sponsor-backed buyouts, to 8,348 from 11,503, a decrease of 27%.
Maria Dikeos from Refinitiv, head of global loan contributions, said that the bearishness in debt capital markets and lending also affected last quarter.
US syndicated loans volumes reached $1.8 trillion during the first three quarters. That’s a 15% decline year-overyear.
To ride out volatility in the markets, companies are tightening their belts. Industries that depend on big tech Wall Street has conducted rounds of job lossesTo reduce their expenses and to strengthen their balance sheets in anticipation of more difficult economic times.
To be sure, global M&A is still ahead of 2020’s first three quarters — roughly $2.17 trillion worth of deals were completed during that time — and only slightly behind the $2.8 trillion in deals that were completed during the first nine months of 2019.
It’s not hard to notice the slowdown, but it’s important that you remember that 2021 was a record year for M&ACapital-markets dealmaking, private equity, and capital-markets dealmaking. There are trillions of dollars in unused capital.
In other news:
via Reuters
2. Credit Suisse was contacted calm worriesInformation about its financial strength. CEO Ulrich Körner said Friday that the bank has a “strong capital base and liquidity position,” Bloomberg reportedHowever, speculations about the bank’s health were not quenched by that statement. Hedge fund manager Boaz Weinstein tweetedSaturday, the chatter on twitter “feels like an organized effort at scaremongering.” The Financial Times Alphaville We tried to filter the noiseIt is located around the Swiss bank. Among the concerns Credit Suisse shares dropped nearly 8% during early trading Monday.
3. Hedge fund stars, other former colleagues, and relatives of Julian RobertsonWe gathered in Manhattan on Friday morning to remember Tiger Management founder, who is worth billions. In August, at the age of 90 years old, she died. Insider Attended the memorial service.
4. Twitter vs. Elon Musk. Text logs show Jack Dorsey, Reid Hoffman, and Joe Rogan messaging the billionaire about Twitter. Here’s a collection of Musk’s most intimate texts with his wealthy friends, discussing the plans for the social-media platform. These messages show that Musk and his wealthy friends are still in touch at some point. Musk was serious about purchasing Twitter.
5. Florida talent is in high demand by hedge funds. Two recruiters described the rush, the roles that they are trying to fill and the challenges that they faced. The big companies face.
6. Reuters reported that JPMorgan will hire around 2,000 engineers globally by the end this year. The bank hired more than 5,000 data scientists and software developers last year, and hopes to recruit more. When tech giants have slowed down hiring.
7. UBS’s Uturn on WealthFront Acquisition Reporting was made in response to shareholder pressure and US regulators SonntagsZeitungUnidentified sources from a Swiss bank were cited. According to Reuters. The US robo advisor and the Swiss bank announced in September that they had Accepted to be terminateThe $1.4 billion deal
8. One member of the Safra bank family is trying to stopPrivate lenders available Spring Mountain Vineyard is being taken overA large Napa Valley vintner producing award-winning cabernet sauvignon wine,
9. Prime Medicine, a biotech company, is preparing for a $200 Million initial public offering. We analyzed Prime’s 282-page filing and found five key points. Plan to commercialize gene editing.
10. Blackstone used the target market to buy homes in areas where people worked or shopped. This is how one nation took on the largest commercial landlord in the globe. Deep dive from The Guardian.
Done deals:
- Clear Sky Advisors is an investment manager John Holl, hiredAs president of North American Carbon and president for environmental trading. He came from ACT Commodities. Clear Sky is focused on sustainable investment strategies.
- Private-credit company Brightwood Capital Advisors has named Kristan O’Connor as the managing director in its portfolio management group and risk group. O’Connor previously worked as a senior vice-president and credit risk executive at Bank Leumi before joining Brightwood.
- Shane Akeroyd Added to the Digital Asset executive teamAs president. He will be focusing on new business and developing customer relationships. He came from IHS Markit.
Aaron Weinman in New York. Tips? Tips? aweinman@insider.comTweet @aaronw11. Edited and tweeted by Hallam Bullock @hallam_bullock) in London.
