Thompson Financial published the M&A league tables yesterday, just on the heels of the bonus mania for the past couple of weeks. Outsiders may not appreciate just how seriously the investment banks take these rankings. Seriously enough to ignite a vicious fight and engage in all sorts of chicanery in an attempt to get big deals counted toward their ranking.
From the New York Post:
A squabble is erupting among the giant Wall Street banks over which one should rightfully hold the No. 1 spot in their league of deal-making this year.
Just as the formal rankings were revealed yesterday by data outfit Thomson Financial, putting Goldman Sachs on top with nearly $1.049 trillion in deals - just barely ahead of Citigroup's $1.021 trillion - officials at Citigroup were said to have contacted Thomson by letter to cry foul.
Citigroup complained that the rankings failed to include a major piece of a Citigroup deal in Europe involving Statoil ASA's $30 billion acquisition of Norsk Hydro ASA's energy assets.
That particular piece of the Hydro deal, combined with other possible uncounted advisory fees, could likely boost Citigroup past Goldman Sachs for the top spot, according to a report in the Financial Times.
Deals & More Deals [New York Post]