It feels good to be a banker
NEW YORK, July 1 (Reuters Breakingviews) – This year is, literally for once, unprecedented on Wall Street. In the first six months, global mergers and acquisitions hit a record high, with volume rising 131% to $ 2.8 trillion. Mega-deals, those over $ 10 billion, jumped 82%, according to Refinitiv. Every aspect of the market was strong – cross-border transactions nearly doubled, while US, Asian and European transactions all increased. In Japan, negotiations peaked in 14 years.
The biggest hurdle is not whether a deal can be made, but whether someone is there to take the necessary steps to make it. As Morgan Stanley (MS.N) read more and Goldman Sachs (GS.N) have called their bankers back to the office, Citigroup (CN) is trying a more flexible policy, perhaps in the hope that it can attract more of worker bees to board.
Jane Fraser’s bank may need help – it comes in fourth in the M&A rankings, behind Goldman, JPMorgan (JPM.N) and Morgan Stanley, losing nearly 6% of its market share compared to to last year. With the business in a great location, few people will notice, just yet. (By Lauren Silva Laughlin)
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Editing by Richard Beales and Amanda Gomez
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