Breakingviews - Wall Street’s banking-as-a-service has a problem Call it banking-as-a-service. The rise in deals done by private equity firms, accounting for $553 billion of MA so far in 2022, per Refinitiv, generates lucrative fees for investment banks like Goldman Sachs and Morgan Stanley . But that isn’t just from one deal. The nature of the buyout business means there are asset flips, equity offerings, follow-ons, and recapitalizations that all generate recurring fees. That depends on healthy capital markets, but amid debt-market snafus and falling equity values, this could be another subscription-like business wounded by the downturn.