Bankers big and small concede that 2016 won't top 2015's record highs for mergers and acquisitions, in part thanks to a slow start to the year attributable to choppy markets.
But that doesn't mean 2016 won't go out with a bang.
"It's going to be chunky," one health care M&A banker said, asking to not be attributed. But make no mistake, he said, "no way [deal] volume will match 2015."
As evidenced by Monday's megadeal between Pfizer and Medivation, "chunky" M&A deals are popular with shareholders and bankers alike. In fact, last year, deals worth $5 billion and greater hit an all-time high.
Wall Street bankers are not expecting M&A tallies to top 2015's numbers, when dealmaking eclipsed the $5 trillion mark. It could mean more difficulties for big banks, which already cut compensation amid a disappointing deal scene. And boutique banks have been rising up to take more M&A from Wall Street's institutional firms, leaving an even smaller piece of the revenue pie to go around for big banks.