There was an interesting item in The New York Times 'Deal Book' column over the weekend about the 'flurry' of M&A activity we have seen recently and the fact that bonus time for bankers is fast approaching.
The theory goes that bankers rush to get a deal announced before the year-end because, although the deal won't actually close for some time, it will do them no harm internally as the bonus pot is carved up. Canny bankers know that they are likely to get a little something extra for being on a roll - and they will get another wad in 2007's bonus as the deal should have completed. So, a deal announced before the end of the fiscal year can see bankers score twice in the bonus stakes. Nice.
Now to something completely different. We at hereisthecity received an interesting missive from one of the investment banks which advertises on our site. The letter pointed out that staff at the firm are not supposed to receive gifts from 'suppliers', and asked us to remember this if we were considering sending a little something. Actually, we weren't. But, while we're on the subject, we're not as scrupulous - any gifts gratefully received! (It won't affect OUR editorial policy - we are an equal-opportunity pis.er-offer!!).