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Banking is different. Any normal industry stuck between weak revenues (banks have been hit by negative interest rates and subdued loan demand) and rising costs (complying with all those new regulations, overhauling legacy IT systems and building new digital capabilities) would be consolidating like crazy by now. Scale is the answer.
But the provision of financial services is fragmenting as new fintechs and other challenger banks continue to appear.
The nominal annual value of global M&A across all industry sectors peaked in 2007 at $4.5
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