Dr Peter Clarke, Senior Teaching Fellow at UCL School of Management, has been discussing mergers and acquisitions in the Financial Times.
His comments come in light of the ongoing merger between the London Stock Exchange and the Deutsche Börse.
From the deal, merger and acquisition bankers are set to make more than €172m.
Dr Clarke, who is a long-term sceptic of the merger and acquisition industry, called the business a closed shop after it was revealed that the industry is not competetive, with just 10 banks dominating the European deal tables.
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