On Thursday, Keefe, Bruyette & Woods released its 2013 outlook for the financial services sector. Overall, KBW projects limited top-line growth for most financial firms in 2013 in light of moderate economic growth and low interest rates. The firm said it expects M&A activity to accelerate in the coming year; and predicts that outside of the banking sector, such activity will be driven by efficiency savings and that "firms with lagging returns will become more realistic about pricing."