Mergers and acquisitions (M&A) bankers are cautiously optimistic as they anticipate a potential boost or setback in their recovery depending on the outcome of a second Donald Trump presidency. In 2024, global deal values have increased by 16%, reaching $3.1 trillion, as central banks have managed inflation and begun to lower interest rates. Analysts expect that shifting interest rate expectations and the resolution of political uncertainties could reignite M&A activity. Amy Lissauer, BofA’s Global Head of Activism & Raid Defense, noted an expected rise in activist activity and a stronger M&A theme in 2025. While M&A activity has remained subdued in the closing weeks of 2024, there is speculation about whether deal-making will accelerate in the coming year.