Good morning: It’s been a good year so far for investment bankers in the City. That’s the conclusion you can take from new research by Refinitiv that shows bankers’ fees from mergers and acquisitions are on course to hit a record.
Banks advising on deals involving UK companies, either as the buyer or seller, have earned $4 billion so far this year. That is the highest year-to-date total since at least 2000 and well above the $2.4 billion made in the same period last year.
These figures are based on completed deals, so fees are likely to increase significantly before the year is out. There are a number of multi-billion takeover battles yet to reach their denouement, with £7 billion bids made for Wm Morrison,