The Digital Skeptic: Expert Networks Crush Lucrative Banking M&A
"Instead," De Santis said, "they got a highly trained expert that provided the same service who was merely paid by the hour."
Buckle up, bank investors. Just as Citigroup (C), J.P. Morgan Chase (JPM), Bank of America (BAC), Bank of New York Mellon (BK) and Goldman Sachs (GS) seek to build on their sterling 2012 performance, investors are facing the next probable victim in the collapsing digital economy: the lucrative merger-and-acquisitions business most big banks rely on for profitability.
"It's what you talk about all the time. The Web comes in and forces efficiencies into a market, which collapses that market," he said. "And now it's coming to mergers and acquisitions."
Expert Network as iBank
Let's be clear: Nobody anywhere near this debate -- that means me, De Santis or anybody I interviewed -- is minimizing the risk folks such as Gilman and Martoma may or may not try to cheat using expert networks.
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