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1+1<2?

16 September 2011 By Jeffrey Goldfarb

To support the M&A ambitions of their clients, investment bankers routinely claim 1+1=3. Yet since JPMorgan, BofA and Barclays bought Bear, Merrill and Lehman, respectively, each has shed, not gained, market share. These numbers, at least, undermine Wall Street’s deal math.

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