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Big Banks Reach for Small Deals as Merger Boom Slows

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Investment bankers across Wall Street are tripping over themselves to win business advising smaller companies on deals—assignments they would have scoffed at a few years ago

JPMorgan Chase & Co.’s health-care bankers in the past year worked on the $74 billion takeover of Celgene Corp. and the $62 billion sale of Shire PLC.

Last fall they pitched Cianna Medical, a California company with tumor-detecting technology and about $40 million in annual revenue, on a sale. “I kept saying, tell me again why you’re interested in this deal?” said Jill Anderson, Cianna’s then-chief executive.

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