Given the dire state of the US banking industry through 2008 and 2009 so far, just why there has been so little M&A activity is a pertinent question. The number of US banking and thrift mergers and acquisitions dropped by more than half to 126 last year, and only totalled 52 up to June 19 this year.
To some extent, the US government’s Tarp programme is being held responsible. Richard Davis, chief executive of US Bancorp, says: “For those who took Tarp money, even without passing the stress test, there was enough capital to continue business.
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