As capital markets froze, M&A dried up and bank revenues dropped
Higher net interest income may be the only bright spot for Canadian banks in 2023
Weakness in investment banking to be offset by strong trading activity
Strategic revamp delays profitability, carries execution risk
Banks' investment banking fees likely dropped, trading held up: Moody's
Equity market activity and corporate debt issuance tumble in first nine months of 2022
Declines in underwriting, M&A drive 32% drop in fees, Refinitiv reports
The cuts come a few weeks after BMO reported a drop in earnings
The combined business will operate as TD Cowen, a division of TD Securities
RBC and BMO remain among top 25 as global fees slide