Value of deals plummet in 2008. - According to initial data provided by Thomson Reuters, the value of deals processed by merchant banks fell by 32% in 2008. There was even a fall in activity of 44% in the fourth quarter. 2008 was also characterised by a high number of aborted operations, the most significant of which involved Microsoft-Yahoo, BHP Billiton-Rio Tinto and Samsung Electronics-Skandisk. No fewer than 1,100 deals were cancelled in this way. The financial crisis provoked upset in the world of investment banking. Although Goldman Sachs keeps its top ranking, Morgan Stanley plunged from second to fifth place, knocked off its perch by J.P. Morgan. Citigroup climbed to third place. UBS rose from sixth to fourth place. BNP Paribas carried out 120 deals worth $269bn and reached tenth place in the world league table for the first time. If 2008 was not a good year, 2009 does not look much better. Paul Parker of Barclays Capital, forecast the first two quarters in 2009 as being weak, with a possible rebound in the second half. Barclays Capital are looking at $2000bn worth of deals next year, 30% less than in 2008. (I.L./transl.rh)