Investment Banking (advisory and underwriting)

M&A advisory and equity and debt underwriting for corporates, sponsors and governments. Fees are booked when deals close or price, so the backlog is the best guide to the next few quarters.

Why it matters to the stock. Investment banking fees are the cleanest read on deal activity and the sensitivity of the bank to the IPO and M&A cycle. A falling backlog after a strong year is a near-term signal to watch.