FILE PHOTO: A man wears a protective mask as he walks on Wall Street during the coronavirus outbreak in New York City, New York, U.S., March 13, 2020. REUTERS/Lucas Jackson/File Photo
Most of the decline was driven by the United States, where M&A plunged 85% from year-earlier levels to $94.3 billion as U.S. coronavirus cases surged. It marked the first time since the third quarter of 2009 that United States has not led the rankings. National Commercial Bank, Saudi Arabia’s biggest lender, said last week it would buy smaller lender Samba Financial Group for as much as $15.6 billion.
Even as some deals were announced, others that had been signed but were not yet completed, unraveled. “Right now we are seeing significant pick-up in client dialogue, just in the past three to four weeks,” said Goldman Sachs global M&A co-head Dusty Philip.
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