Transformation of the independent investment banking market: contemporary trends, challenges, and prospects

the article characterizes the peculiarities of the transformation of the independent investment banking market through the prism of modern trends, challenges, and prospects. In recent years, this segment has been undergoing large-scale changes due, first of all, to the shift of focus from mega deals to M&A deals in the middle segment, active implementation of digital platforms to support client operations and internal analytics, strengthening of regulatory requirements in the field of information disclosure and compliance, as well as the growing importance of ESG-criteria in assessing investment strategies. Despite the growing role of independent investment banks, academic discussions on this issue are usually fragmented - on the one hand, researchers emphasize their organizational flexibility and industry specialization as competitive advantages; on the other hand, they point out the difficulties in maintaining their positions against the background of the dominance of large financial corporations. This article presents a comprehensive study of the key trends, barriers, and opportunities that shape the present and future of independent investment banking. Emphasis is placed on describing the strategic moves of leading actors, exploring the nuances of their adaptation to regulatory adjustments and digital innovations, and identifying gaps in academic sources. It is summarized that the subjects under consideration compete successfully due to narrow specialization and organizational flexibility but face risks associated with economic instability and the need to integrate digital solutions. Further development of the sector is realistic through the strengthening of technological infrastructure, expansion of international presence, and focus on new customer segments. The presented materials will be useful for researchers in the field of financial economics, corporate governance, and banking, as well as for investment banking practitioners analyzing the industry's prospects.

banks, capital, competition, digital technologies, independent banking, investment activity, regulation