A decade after fueling a crisis that nearly brought down the global financial system, America’s banks are ruling it, earning the majority of global investment-banking fees, merger fees and stock commissions last year.
When two of Europe’s corporate titans sat down to negotiate a merger this year, they called American banks.
Fiat Chrysler Automobiles hired Goldman Sachs Group Inc. as its lead adviser. France’s Renault SA hired a boutique bank stacked with Goldman alumni. In a deal that would reshape Europe’s auto industry, the continental banks that had sustained Fiat and Renault for more than a century were muscled aside by a pair of Wall Street deal makers.
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