The biggest banks on Wall Street were shut out of the biggest deal of the year.
The New York Times reports that the merger of Kraft and H.J. Heinz will create a company with a market value in excess of $75bn.
But JPMorgan, Bank of America, Citigroup, Goldman Sachs and Wells Fargo will not get a slice of the millions of dollars in fees generated from the deal. Nor were any of the major international banks like Credit Suisse, Deutsche Bank, Barclays or UBS involved with the deal.
Instead, two independent investment banks served as the sole advisers to Kraft and Heinz.
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