It’s been a tough year. Everyone knows it and bankers are living it. As the COVID-19 pandemic receded, and the Russian invasion of Ukraine took its place as the central global anxiety, deal-making dried up. And that has meant tough choices at the top of capital markets – for costs, and for teams.

There have been few large deals in the past 12 months. That’s why those on the 2023 list of most powerful deal makers are bankers who have fortified their relationships with clients, and remained close to powerful boards.