You think those Brunello Cucinellis pay for themselves? My god, you people are basically taking food out of these bankers' children's mouths.
In 2015, the buyers in public-company deals valued at more than $1 billion didn’t use financial advisers in 70 instances, or 26% of the time, according to Dealogic. That is the second-highest total on record and far surpasses the 25 cases, or 13% share, in 2014. In 2016, there have already been 23 examples, or 27% of deals in question. While merger volume has been surging, the rise in deals without a bank since 2014 is more pronounced. That is bad news for Wall Street firms, which bring in enormous fees—sometimes measuring in the tens or even hundreds of millions of dollars—from takeover advice. The timing could hardly be worse for big banks as they lose market share to smaller upstarts known as boutiques and grapple with new regulations and low interest rates.