Expectations mount for bank M&A

One big deal might kick off a new round of mergers, but the risk of over-paying remains.

Having just enjoyed another World Cup, indulge me and let me talk about football, or at least a football transfer.

This is the story, perhaps apocryphal, of the negotiations behind the scenes in 2005 when Chelsea, emboldened by the wealth of new billionaire owner Roman Abramovich, decided to buy Shaun Wright-Phillips (pictured), a rising attacking star, from the perennially underachieving and financially troubled Manchester City.

Chelsea bid £22 million for the winger, back when £22 million was a lot of money.

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