M&A to remain depressed through 2010

Bernstein Research projects that total M&A volume will fall by 25 percent in 2009, followed by an additional 15 percent decline in 2010, the New York Times notes. This "implies that the trough of the M&A market will be in the second half of 2010 and will mark a 45 percent decline from the peak 2007 levels." This is, of course, very bad news for former investment banks, notably Goldman Sachs and Morgan Stanley, who can no longer rely on trading and principle investments to power their earnings. Investment banking boutiques will also be hit hard. The most active sectors for deals would appear to be health care and energy, but the biggest boom, according to Bloomberg, has been government-induced deals.  

For more: 
- here's the Times item

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