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This year is a nightmare come true in the world of mergers and acquisitions—more than $395B in US mergers have already fallen apart in 2016.
Most recently we saw the Staples-Office Depot merger cut down by regulators over antitrust concerns, as well as Pfizer’s failed takeover of Allergen and Halliburton’s blocked purchase of Baker Hughes. These failed mergers alone will cost banks more than $300M in advisory fees, the Wall Street Journal reports.
This is bad news for the banks, which have begun to rely more and more on advisory fees as traditional profit centers like trading and lending have slowed. [WSJ]
