Bankers returning from the beach may be dreaming of a pick-up in dealmaking activity come September, now that the uncertainty around the Brexit vote that dogged the start of the year has disappeared.
It's been a pretty quiet year for mergers and acquisitions (M&A) so far compared to last year. The value of deals announced in the U.K. so far this year is around half the $215 billion (including net debt) worth which had been announced by the same time in 2015, according to Thomson Reuters data.
"Last year was an aberration of sorts, and it would always have been very difficult to reach those heights again," Sriram Prakash, global lead of M&A Insight at Deloitte, told CNBC.
Last year's strong numbers were out-of-the-ordinary for a several reasons. The market for deals had picked up considerably after a long post-credit crisis lull. The kinds of companies being sought – telecoms, media and consumer goods businesses, rather than the manufacturing and industrial companies which are often the backbone of the M&A market – were different.
This year, the U.K. referendum on European Union membership was the giant mammoth in the room.