Bank merger: FIG leaf

Buckle up for more bank deals. September’s tally is already a breathtaking $100bn, the sector’s third-highest monthly volume on record, according to Dealogic. This isn’t run-of-the-mill M&A, but rather a desperate scramble to recapitalise an ailing industry and avert bank runs. The fury of activity - including Bank of America’s $44bn acquisition of Merrill Lynch and Lloyds TSB’s $22bn takeover of HBOS - might have been ready to wind down as exhausted bankers surveyed the overhauled competitiv...