There is a growing likelihood that the bank M&A market in 2016 will see declines in both deal volume and pricing compared to the previous two years, even as the industry’s underlying fundamentals remain relatively unchanged. “The operating environment is tough,” said Rory McKinney, the co-head of investment banking at D.A. Davidson Companies, during a presentation at S&P Global Market Intelligence’s 8th annual M&A Symposium in Washington, D.C., late last month. “We think there should be more activity. There’s a lot of pressure to build earnings per share and M&A is one of the ways you can do that.”
