Starting with investment banking (IB), both global M&A activity and initial public offerings (IPOs) have declined since last year following the Russia-Ukraine conflict and the Federal Reserve's ultra-aggressive rate hikes to control “sticky” inflation. Bank of America CEO Brian Moynihan noted “The M&A deals are coming a little faster.” The company will outperform the industry on IB fees in the quarter. While global M&A activities are gaining traction, high rates for longer periods and a tougher regulatory environment are expected to make a fast rebound challenging.