The money train is moving
If you've been wondering why everyone in the City is suddenly having such a main character moment, look no further than the massive M&A spree going down. London investment bankers and lawyers have pocketed over £1bn in fees from takeovers so far this year. With UK stock market listings currently looking a bit mid, overseas buyers—especially from the U.S.—are swooping in to snap up undervalued British firms.
The London Stock Exchange says the value of these deals has surged 175% to hit £132.9bn in 2026. JPMorgan has been running the show on the banking side, advising on 14 major deals, while Slaughter and May took the lead for legal advisory.
The bonus era is back
Remember when bonuses were actually capped? Yeah, that rule was scrapped in late 2023. Now, firms like Goldman Sachs are out here letting top performers haul in up to 25 times their annual salary. Even partners at "magic circle" law firms like Linklaters and Clifford Chance are raking in north of £2m. It’s giving excess, especially at boutique bank Evercore, where one senior director walked away with a cool £16.2m.
Why it matters
While the City is busy popping champagne, the vibes are off for everyone else. Unions like the GMB and TUC are calling it like it is: it’s a bad look when brokers get bonanza payouts while everyday people are struggling with the cost of living. The TUC is pushing for a windfall tax on lenders, especially since these same banks are currently lobbying to keep their tax bills low ahead of Andy Burnham and John Healey’s October budget. Real talk: the country is watching to see if the government chooses to protect the people or the balance sheets of these financial giants.
