By Jane Searle
NEW YORK ( TheStreet) -- Deal activity in the American banking sector is at its highest level in nearly three years, a stark contrast to the global scene, where sector M&A has hit lows not seen since the credit crisis.
For the year to date, there have been 274 bank deals in the U.S., a lift on the prior two years and on par with deal numbers for 2010, according to Dealogic. Globally, bank M&A, at 704 deals for the year to date, is at its lowest level since 2008, when 694 deals were struck.
A stricter regulatory and sluggish economic backdrop has challenged all banks, though U.S. institutions overhauled balance sheets and purged themselves of toxic assets more quickly than their European peers.
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