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(Reuters) -Federal Reserve Governor Michelle Bowman on Tuesday said she continues to anticipate that the U.S. central bank will deliver interest rate cuts at its final two policy meetings of 2025. “I continue to see two more cuts before the end of this year,” Bowman said at an event in Washington.  The Fed last month cut its benchmark interest rate by a quarter of a percentage point to the 4.00%-4.25% range, its first reduction in borrowing costs since last December. Projections released alongside its recent policy decision showed a slight majority of policymakers see more rate cuts this year as appropriate in the face of softening in the job market. The U.S. central bank will hold its next policy meeting on October 28-29, with its final session of the year slated for the second week of December. Rate futures markets positioning reflects expectations for quarter-percentage-point reductions at both meetings. “I think as long as we see the labor market and other economic data evolving in the way that I expect, then we will continue to be on a path for lowering the federal funds rate,” Bowman said. Bowman supported last month's rate cut after dissenting at the previous meeting in July in favor of initiating rate reductions at that time. She was joined in that dissent by Fed Governor Christopher Waller, who, like Bowman, was appointed to the U.S. central bank's Board of Governors by President Donald Trump during his first term in the White House. Both Bowman and Waller have said they believe the tariffs Trump has launched since returning to power will not lead to persistent inflation and that the balance of risks is tilted toward the job market. (Reporting by Jamie McGeever in Washington; writing by Dan Burns; editing by Paul Simao)

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By Philip Blenkinsop HORSENS, Denmark (Reuters) -The European Commission is pressing the United States to remove tariffs on products made from steel as Brussels seeks to advance parts of the EU-U.S. tariff deal that have yet to enter force, EU Trade Commissioner Maros Sefcovic said on Tuesday. Under their joint agreement, the two transatlantic partners are to consider ring-fencing their steel, aluminium and derivative products made from the metals from overcapacity, with 50% U.S. tariffs possibly replaced by tariff-free or low-tariff quotas. The Commission, which oversees trade policy on behalf of the 27-nation EU, believes it has fulfilled its side of the bargain with its proposal to hike its tariffs for steel to 50%, halve current quotas and be clearer on where steel originates. The proposal, which still needs approval from EU governments and the European Parliament, had "very similar" contours to the approach the U.S. wanted to protect its domestic steel industry from overcapacity, Sefcovic said. "Once we are protecting our markets in a very similar way, it's time to discuss the steel derivatives, because I think that we should stop the practice where we have to calculate how much steel is in the fridge or dishwasher," he told a news conference at the end of an EU trade ministers meeting in Denmark. He added he had proposed this in a letter to his U.S. counterparts. U.S. tariffs are not just limited to steel and aluminium themselves, but extend to a range of 'derivative' products made from the metals. In August, the U.S. added 407 product categories to its list of derivative products, with a 50% tariff on the steel and aluminium content, plus the universal rate on the non-metal content – for the EU, at 15%. The product categories include wind turbines, bulldozers, railcars, motorcycles, automotive exhaust systems, refrigerators, freezers and dryers. (Reporting by Philip BlenkinsopEditing by Mark Potter)

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By Patrick Wingrove (Reuters) -Johnson & Johnson said on Tuesday it plans to separate its orthopedics business into a standalone company named DePuy Synthes within the next 18 to 24 months, marking its second major spinoff in two years as it sharpens focus on higher-growth healthcare segments. J&J also outlined expectations for faster growth into 2026, driven by new drug launches and a strengthened medical devices portfolio, and raised its 2025 sales forecast after reporting quarterly earnings that topped Wall Street expectations. The company said it expects total revenue growth to exceed 5% next year, above current analysts' estimates of 4.6%, and adjusted earnings to top Wall Street estimates of $11.39 per share by as much as 5 cents. J&J's orthopedics unit, which makes hip, knee, and shoulder implants, surgical instruments, and other products, generated around $9.2 billion last year, or about 10% of total revenue.  Post spinoff, the business will be led by industry veteran Namal Nawana, the company said. Shares of the New Jersey-based healthcare company were down 1.2% in early trading. They are up 32% so far this year, compared with a 3% rise in the broader S&P Healthcare Index. Guggenheim analysts said the stock's recent rally could limit any further upside. The company tweaked its 2025 product revenue forecast and now expects $93.5 billion to $93.9 billion, about $300 million higher than its prior view and above analysts' expectations of $93.4 billion, according to LSEG data. RESTRUCTURING BECOMES SPINOFF PLAN J&J in 2023 announced a two-year restructuring program for its orthopedics business, saying it planned to exit certain markets and stop selling some products, after having recently spun off its $15 billion consumer unit into Kenvue.  J.P. Morgan analysts said the orthopedics division represents about 30% of J&J's MedTech segment, generating growth below the rest of the portfolio, and the planned spin-off "should create a faster-growing J&J over time". The company said the move aligns with its focus on high-growth, high-margin areas such as oncology, immunology, neuroscience, surgery, vision care and cardiovascular products. J&J Chief Financial Officer Joe Wolk said the company was exploring multiple paths for the separation, with a primary focus on a tax-free spinoff, but remained open to other options. While the orthopedics business was profitable, Wolk said J&J believes the next phase of innovation in orthopedics was "beyond our scope and probably in better hands somewhere else." Wolk, on a call with investors and analysts, said the separation process was already underway, but the company does not expect further material updates on the transaction until mid-2026. Brian Mulberry, portfolio manager at Zacks Investment Management, which owns J&J shares, said there are some valid concerns around spinning off the orthopedics division. "It's roughly 10% of revenue generation and it is a fairly large strategic pivot to make," he said, adding that J&J stock might also be down on revived worries around trade and tariffs with China impacting the market broadly. SLIGHT PROFIT, SALES BEAT Third-quarter sales of $23.99 billion edged past Wall Street expectations of $23.75 billion, according to LSEG data. The drugs and medical device maker posted adjusted earnings of $2.80 per share, topping analysts' expectations by 4 cents. The company's pharmaceuticals sales jumped 6.8% from a year ago to $15.56 billion, slightly outpacing analysts' estimates of $15.42 billion.  Blood cancer treatment Darzalex brought in third-quarter sales of $3.67 billion, about in line with forecasts of $3.62 billion. Its medical device sales also rose 6.8% to $8.43 billion, mainly driven by electrophysiology products.  J.P. Morgan analysts said J&J remains "one of the cleaner stories" among large healthcare companies as it moves past the loss of exclusivity for its blockbuster drug Stelara and benefits from steady growth across its core portfolio. Separately, CEO Joaquin Duato declined to comment on reports that the company was in talks to acquire Protagonist Therapeutics. J&J already "owns the majority of the value" of the biotech's main asset through a 2017 global licensing deal, he told CNBC. "We have a great working relationship with Protagonist, and we are very happy with that arrangement." (Reporting by Patrick Wingrove in New York and Mrinalika Roy in Bengaluru; Editing by Bill Berkrot)

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By Katha Kalia (Reuters) -Rayonier and PotlatchDeltic said on Tuesday they will merge in an all-stock deal worth about $8.2 billion, including debt, to create one of North America's largest publicly traded timber and wood products companies. The merger comes as lumber markets remain volatile, whipsawed by shifting tariffs and a weak construction outlook. Prices have swung sharply this year, pressured by a cooling housing sector but recently lifted by new U.S. tariffs on softwood lumber and production cuts at North American sawmills. The combined company will own about 4.2 million acres of timberland across 11 U.S. states and operate seven wood manufacturing plants, giving it greater scale and reach. Most of the merged firm's acreage will be in the U.S. South, a region with a large softwood capacity. PotlatchDeltic's wood products platform will position the new company to benefit from a ramp-up in U.S. lumber production due to higher duties on Canadian imports and new tariffs, Rayonier CEO Mark McHugh said on a conference call. RBC Capital Markets analyst Matthew McKellar said the deal was "moderately positive," citing its scale, diversification and synergy potential, but noted Rayonier's limited experience in wood products manufacturing. Rayonier provides sustainable forest management, land management, timber products, and real estate services. Under the deal, PotlatchDeltic shareholders will get 1.7339 Rayonier shares per share, valuing PotlatchDeltic at $44.11 each. This values PotlatchDeltic at $3.41 billion, according to Reuters calculation. Rayonier shares slipped 1%, while PotlatchDeltic rose 3.6% in morning trading. The per-share value, also represents a premium of 8.25% to PotlatchDeltic's closing stock price on October 10, the last business day prior to execution of the deal, the companies said. Rayonier shareholders will own about 54% of the combined company and PotlatchDeltic investors 46%. The deal is expected to close by mid-2026. Rayonier CEO Mark McHugh will lead the new firm, with PotlatchDeltic's Eric Cremers serving as executive chair for two years. The headquarters will be in Atlanta, with regional offices in Spokane, Washington, and Wildlight, Florida. (Reporting by Katha Kalia and Arunima Kumar in Bengaluru; Editing by Leroy Leo and Saumyadeb Chakrabarty)

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By Heekyong Yang and Hyunjoo Jin SEOUL (Reuters) -Samsung Electronics on Tuesday said it expects its biggest quarterly profit in over three years, as the global race to boost production of AI chips has tightened supply and driven up prices of conventional memory chips, the tech giant's mainstay. Strong demand for conventional memory chips used in data centre servers helped offset weaker sales of advanced artificial intelligence chips of Samsung, which has been lagging rivals in the race to supply to Nvidia, analysts said. The world's leading memory chipmaker estimated an operating profit of 12.1 trillion won ($8.5 billion) for the July-September period, up 32% from a year earlier and well above a 10.1 trillion won LSEG SmartEstimate. That would mark its best quarterly profit in 13 quarters. Samsung shares slipped 0.5% as of 0302 GMT after rising as much as 2.9% earlier to their highest level since January 2021. Analysts attributed the decline to profit-taking following the rally. The stock has risen about 75% this year. "The third-quarter earnings surprise came from the chip business," said Ryu Young-ho, a senior analyst at NH Investment & Securities. Strong demand for conventional memory to support general-purpose servers, combined with robust HBM demand for AI servers, have together fuelled overall memory demand, he said. Although progress in supplying advanced high bandwidth memory (HBM) chips to major clients such as Nvidia was slower than expected, gains in commodity memory, supported by tight supplies, helped cushion the impact, analysts said. "Samsung is a big beneficiary of growing demand for commodity chips," said Sohn In-joon, an analyst at Heungkuk Securities. Sohn attributed the earnings beat to stronger-than-expected prices of commodity DRAM and NAND chips, stemming from demand for data centre servers, and lower chip inventory by chipmakers that gave them bargaining power in pricing. Analysts said Samsung also benefited from narrower losses at its foundry unit, which makes logic chips, as utilisation rates helped ease fixed-cost pressures. The company said revenue would likely rise 8.7% to a record high of 86 trillion won from a year earlier, also helped by the weaker South Korean currency. Samsung is expected to release detailed results including a breakdown of earnings for each of its businesses on October 30. Expanding on its stock incentives for senior executives, the company has decided to launch a performance-linked stock compensation plan for all employees in South Korea over the next three years, according to an internal memo dated October 14, seen by Reuters. Samsung declined to comment on the plan. SHORTAGE STOKES CONVENTIONAL CHIP PRICES Analysts said memory makers' focus on investing in advanced chips in recent years may have limited the production of conventional chips, which extended a supply shortage and spurred price increases for conventional chips. Prices of some DRAM chips, widely used in servers, smartphones and PCs, jumped 171.8% in the third quarter from a year earlier, according to TrendForce data. Analysts expect the commodity memory supply shortage to continue into 2026, with big tech companies expanding their spending on AI-related investments, including data centres and servers capable of handling the growing workloads from AI services. While recent chip supply deals with major tech companies, such as Tesla and OpenAI, eased investor concerns about Samsung, analysts cautioned that uncertainties remain that could hurt Samsung's consumer products, including potential U.S. tariffs, an intensifying trade war between the U.S. and China, as well as China's tightened export controls on rare earth materials used in advanced chips and manufacturing equipment. Samsung has been the world's biggest memory chipmaker for three decades but it is facing increasing competition in advanced AI chips after losing its No. 1 DRAM market share to SK Hynix in the first quarter of this year. Analysts expect Samsung’s HBM sales to gradually improve after the company made meaningful progress in supplying its latest 12-layer HBM3E chips to Nvidia, though some said shipment volumes remain limited. Samsung is betting on next-generation HBM4 products to narrow the gap with SK Hynix. Morgan Stanley said in a report that Samsung is on track with next-generation HBM4 development, working closely with major U.S. customers. Commercial shipments and sales contributions are expected to begin in 2026. ($1 = 1,427.1000 won) (Reporting by Heekyong Yang, Hyunjoo Jin and Joyce Lee; Editing by Chris Reese and Sonali Paul)

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SAO PAULO (Reuters) -Brazilian planemaker Embraer closed a deal to sell 20 of its E195-E2 commercial unit to leasing and management firm TrueNoord, in a deal valued at $1.8 billion, the companies said Tuesday. The deal includes purchase rights to potentially acquire 30 additional jets, which would be 20 E195-E2 units and 10 E175-E1 units, the companies added in a statement. The agreement is TrueNoord's first ever direct request to a planemaker. "The order is an important step in our continued growth as a global leasing platform," TrueNoord CEO Anne-Bart Tieleman said in the statement, highlighting the company's interest on regional jets. Embraer's commercial aviation unit head, Arjan Meijer, said the deal reflects a "significant acknowledgement of the capacities and success of the E2 family in the market." Both companies did not provide any details about when the jets' delivery would occur. Analysts at JP Morgan expect the market to react positively to the news, as Embraer "continues to gain new clients." Embraer's Brazil-listed shares were up more than 2% in early trading. Ratings agency Moody's changed the firm's outlook to positive right after the announcement, while affirming its Baa3 rating. Last week, Embraer formalized a deal to sell four military cargo planes to Sweden to replace the European nation's aging aircraft. In September, LATAM Airlines also announced the request of 24 E195-E2 aircraft, with purchase options for another 50. (Reporting by Fernando Cardoso; Editing by Aida Pelaez-Fernandez)

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By Dave Graham, John Revill and Kirsti Knolle ZURICH (Reuters) -Swiss authorities' 2023 decision to write off 16.5 billion Swiss francs ($20.53 billion) in Credit Suisse bonds was unlawful, a court said on Tuesday, raising fresh questions about how the bank's rescue and subsequent takeover by UBS was handled. The March 2023 decision by market regulator FINMA to wipe out Credit Suisse's Additional Tier 1 (AT1) bonds during the state-engineered takeover by its old rival UBS triggered an investor backlash and legal challenges. UBS SHARES SLIDE AFTER RULING UBS's shares fell after news of the Federal Administrative Court's decision broke, slipping over 3.5% in afternoon trade. In a partial decision, the court said the 2023 AT1 bond write-off lacked a legal basis. "It considered that the bondholders' property rights were seriously interfered with, which would have required a clear and formal legal basis. But no such basis existed," the court said. The decision can be appealed at the country's top court. The Swiss finance ministry and FINMA both said they would analyse the court's decision. UBS declined to comment. "The decision is not completely unexpected, and I expect it to be appealed," said Hans Gersbach, a banking and economics professor at ETH University in Zurich. 2023 DECISION LEFT MARKETS STUNNED The 2023 write-off stunned markets by prioritizing shareholder compensation over bondholder claims, upending the normal capital structure hierarchy. When Credit Suisse was taken over, shareholders received UBS stock valued at around $3.25 billion. AT1 holders were left with nothing, prompting lawsuits in Switzerland, the U.S., and investor-state arbitration under bilateral treaties. Around 3,000 complainants lodged appeals with the court over FINMA's decree in about 360 cases, the court said. In essence, complainants requested that the decree be revoked, and that the write-off be reversed, it added. The court made a partial decision in one appeal case and revoked FINMA's decree. It has not yet decided on the reversal request. The other cases are now suspended until a decision regarding the revocation of the decree has become final. Law firm Quinn Emanuel, which represents many of the complainants, welcomed the court's decision. "The Quinn Emanuel team is carefully reviewing the ruling to fully assess its implications," said Thomas Werlen, Quinn Emanuel's Managing Partner for Switzerland. Investors are unlikely to recover the full 16.5 billion francs, analysts have previously said, as the bonds had lost considerable value by the time of Credit Suisse's rescue. BONDS WERE DESIGNED TO PREVENT TAXPAYER BAILOUT AT1 bonds, introduced after the 2008 financial crisis, are hybrid debt instruments issued by banks to bolster their capital buffers and absorb losses in times of stress. The bonds, which are designed to help banks avoid taxpayer funded bailouts, typically offer higher yields than senior bank debt. While terms for AT1 bonds allow for write-downs under certain conditions, investors argued that FINMA's action violated expectations and contractual norms. ($1 = 0.8038 Swiss francs) ($1 = 0.8030 Swiss francs) (Reporting by Kirsti Knolle, John Revill, Dave Graham and Louise Heavens)

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By Ateev Bhandari and Saeed Azhar (Reuters) -Goldman Sachs beat Wall Street expectations for third-quarter profit on Tuesday, as its investment bankers earned higher advisory fees and rallying markets boosted revenue from managing client assets. The bank's prediction for a banner year for dealmaking has materialized as corporations revive plans for mergers and listings.   Goldman's investment banking fees surged 42% to $2.66 billion in the quarter ended September 30 from a year ago. Analysts were expecting a 14.3% increase, according to the average estimate compiled by LSEG. A Goldman executive said the firm advised on $1 trillion in announced mergers and acquisitions year to date, $220 billion more than its next closest competitor. It advised Electronic Arts on its $55 billion sale to a consortium of private equity firms and Saudi Arabia's Public Investment Fund this year, and also advised Holcim on the spinoff of its North American business Amrize, now valued at $26 billion. Goldman also advised Fifth Third Bancorp, which this month agreed to buy regional lender Comerica in a $10.9 billion deal to create the ninth-largest U.S. bank. ADVISORY FEES JUMP The growth was fueled by a 60% surge in advisory fees, while debt and equity underwriting fees also increased. Rival JPMorgan Chase also reported robust investment banking numbers. Goldman shares fell 4.7% in early trading. The shares have surged 37% year-to-date as of Monday, reflecting the dealmaking rebound. "This quarter's results reflect the strength of our client franchise and focus on executing our strategic priorities in an improved market environment," CEO David Solomon said in a statement. "We know that conditions can change quickly and so we remain focused on strong risk management," he said, echoing cautious optimism from JPMorgan CEO Jamie Dimon.  Global M&A volumes for the first nine months of the year crossed $3.43 trillion, with nearly 48% of it in the U.S., according to data from Dealogic.  The period also saw the highest average M&A volume globally and in the U.S. since 2015, in line with Solomon's prediction at last year's Reuters NEXT conference.  Goldman was among the joint book-running managers on marquee initial public offerings in the quarter, including design software firm Figma, Swedish fintech Klarna, and space tech firm Firefly Aerospace.  Overall quarterly profit was $4.1 billion, or $12.25 per share, exceeding Wall Street expectations of $11 per share. "The capital markets machine has clearly shifted into a higher gear, with robust stock prices, a reduced regulatory burden, and the prospect of lower interest rates likely to keep the momentum going," said Stephen Biggar, a banking analyst at Argus Research. Goldman executives have been increasingly optimistic about dealmaking in recent months, with Solomon saying in September it had one of its busiest weeks for IPOs in more than four years.  ASSET AND WEALTH MANAGEMENT FOCUS Revenue from asset and wealth management rose 17% to $4.4 billion, marking the first quarterly jump this year for the segment. This reflected record-high management fees, as well as private banking and lending revenue.  The business is a key priority for Goldman as it seeks steadier revenue from fees, which offset the volatility in its advisory and trading businesses. Goldman said last month it would take a stake worth as much as $1 billion in T. Rowe Price, as part of a partnership to tap the asset manager's retirement money for alternative assets. Assets under supervision climbed to $3.45 trillion, boosting management fees by 12%. Goldman set aside $339 million as provisions for credit losses, compared with $397 million a year ago. The provisions were mainly related to its credit card portfolio. SUSTAINED TRADING RESILIENCE  Wall Street trading desks have reaped rewards from record volatility as clients rejig portfolios to keep pace with changes in President Donald Trump's trade, foreign, and fiscal policies.      The third quarter, however, remained one of Wall Street's calmest quarters in nearly six years as an interest-rate cut from the Federal Reserve and robust AI investment pushed major U.S. stock indexes to record highs. Still, Goldman's equities trading revenue rose 7% to $3.74 billion, fueled by higher revenue in financing, which offset lower revenue from cash equities. Fixed income, currency and commodities hauled in $3.47 billion, 17% higher than a year ago.    (Reporting by Ateev Bhandari in Bengaluru and Saeed Azhar in New York; Editing by Lananh Nguyen, Arun Koyyur, Rod Nickel)

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By Jan Wolfe WASHINGTON (Reuters) -The U.S. Supreme Court declined a chance to reassess the broad legal immunity tech companies have over content hosted on their platforms, turning away on Tuesday an appeal in a lawsuit against Grindr by a male plaintiff who was raped at age 15 by adult men matched to him via the gay dating app. The justices decided not to hear the plaintiff's appeal of a lower court's ruling to dismiss his lawsuit seeking monetary damages against Los Angeles-based Grindr because the company was protected from liability by a provision of federal law called Section 230 of the Communications Decency Act. Enacted in 1996, Section 230 allows online platforms, including social media sites and online forums, to host user-generated content without being held legally responsible as the "publisher or speaker" of that content. The provision has shielded online platforms such as TikTok and Meta Platforms from a wide range of litigation. The plaintiff in the Grindr case has remained anonymous, being referred to as "John Doe" in court filings. His lawyers argued in a court filing that Section 230 has been a "goldmine for amoral companies who need not invest in providing safe products." Lawyers for Doe said four adult men raped him on consecutive days in April 2019, when he was a high school student in a small town in the Canadian province of Nova Scotia after he signed up for Grindr and falsely represented he was at least 18 years old. Grindr requires users to be over 18, but does not verify the ages of users. Three of the men were prosecuted in Canada and received multi-year prison terms, while the fourth remains at large, according to court papers. The plaintiff filed his civil lawsuit in California state court in Los Angeles in 2023, accusing Grindr of negligence and unlawfully failing to warn users about the risks of child sexual abuse, among other claims, as well as defective app design for matching adults and children for illegal sexual activity. It sought an unspecified amount of compensatory damages for physical and emotional harm, plus punitive damages of at least $66 million. After the case was moved to federal court, the California-based 9th U.S. Circuit Court of Appeals ruled in February that Section 230 barred Doe's state law claims. His lawyers in asking the Supreme Court to hear the case called it an optimal vehicle for addressing whether Section 230 "immunizes apps for their own conduct in marketing and designing defective products." Proponents of Section 230 have argued that, without it, online services would face potentially crippling legal costs and would be incentivized to censor free expression on the web. Republican President Donald Trump has been a critic of Section 230 and sought unsuccessfully during his first term in office to end the protections. The Supreme Court last addressed Section 230 in a set of rulings from 2023. In those cases, the justices declined to chip away at Section 230's scope and rejected lawsuits that sought to hold tech giants including Alphabet Inc liable for terrorism-promoting content on their platforms. Online platforms have urged courts not to weaken Section 230's protections. (Reporting by Jan Wolfe; Editing by Will Dunham)

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By Tatiana Bautzer NEW YORK (Reuters) -Wall Street executives predicted that windfall earnings from investment banking in the third quarter would continue for the rest of the year, buoying profits at U.S. banking giants. At Goldman Sachs, investment banking revenue jumped 42% in the third quarter, while rival JPMorgan Chase's investment banking fees climbed 16%, the banks reported on Tuesday. Wells Fargo and Citigroup also had solid performances in investment banking. "Pipelines look good, the activity levels are good, and the conversations are constructive" with clients, Wells Fargo Chief Financial Officer Mike Santomassimo told journalists on a conference call. His counterpart at JPMorgan, Jeremy Barnum, said the investment banking environment is quite good after the bank saw its busiest summer in M&A for a long time. Conditions for equity capital markets and IPOs are also strong heading into the fourth quarter, Barnum added. HIGHER INVESTMENT BANKING FEES Global investment banking fees reached a four-year high in the first nine months of the year, underpinning earnings.    "What we've learned so far is that momentum continues across the majority of business lines with Wall Street remaining strong and the demand for consumer loans is very resilient," said Macrae Sykes, a portfolio manager at Gabelli Funds. Worldwide investment banking fees rose 9% to $99.4 billion so far this year, the highest since records were set in 2021, according to LSEG data. Dealmakers in mergers and acquisitions were standout performers in the third quarter, particularly in technology and financial M&A, where fees increased 55% and 34%, respectively, the data showed.   Multibillion-dollar deals have also resumed as tariff uncertainty subsided and the Trump administration sought to ease regulations. Megadeals in the third quarter tallied up to a stunning $1.26 trillion. The $55 billion acquisition last month of video game developer Electronic Arts by buyout group Silver Lake, Saudi Arabia's Public Investment Fund (PIF) and Affinity Partners was the largest leveraged buyout in history. The rebound in dealmaking has been spurred by stocks at historical highs, lower interest rates and lighter regulations under Trump, which offset the uncertainty from trade tensions that stalled activity earlier this year. Global mergers and acquisitions surged 40% in the third quarter versus the previous year, according to Dealogic data. While megadeals rebounded, a paltry 8,912 deals were signed, down 16% from last year, the worst third-quarter for deal volume in 20 years, the data showed.  The rebound in activity also led to a flurry of job-hopping by senior executives. Even the U.S. government is contributing to dealmaking, pursuing deals across up to 30 industries, involving dozens of companies deemed critical to national or economic security, Reuters reported this month.  Global investment banking fees: Bank 2025 YTD 2024 YTD 2024 Wallet Rank share (%) JPMorgan 7.7 1 7.8 Goldman Sachs 6.3 2 6.1 Morgan Stanley 5.2 4 4.8 BofA 5 3 5.5 Citi 4.2 5 3.9 Barclays 2.7 6 2.9 Wells Fargo 2.5 7 2.3 Source: LSEG ​ (Reporting by Tatiana Bautzer, additional reporting by Pritam Biswas, Nupur Anand, Saeed Azhar, Arasu Kannagi Basil, Editing by Lananh Nguyen and Nick Zieminski)

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