Capital Markets The combined revenue of banks in this report reached $59bn in 1Q23, 8% below the prior-year period. There has been no recovery in Banking markets but several banks expressed optimism that volumes will perk up in late 2023: first in M&A/Advisory – which should benefit from institutional ‘dry powder’ – then, sometime in 2024, in IPOs and LBOs. In the meantime, several big players are trimming teams. Aggregate FICC revenue advanced slightly, driven by ‘good volatility’ in Rates and Credit; FX and Equities dropped, however. Partly due to timing of comp accruals, costs declined by a comparably modest