By Steven I. Davis (auth.)
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Additional info for Bank Mergers: Lessons for the Future
The stress is truly overwhelming. Several of our interviewees who were present on the occasion describe graphically the pressure exerted on management and its consultants when the chief executive of a serial acquirer announces to all concerned that the market valuation of his deal will decline by perhaps $30±40 million for each month's delay in merger execution. REVENUE SYNERGIES: THE TRIUMPH OF HOPE OVER EXPERIENCE? Widespread scepticism exists over the ability of banks to generate revenue synergies through mergers.
Dick Kovacevich of Wells Fargo: `In a big merger of equals, it's impossible to do an exhaustive due diligence because of the size and need for confidentiality. e. ' . Scott Moeller of Deutsche Bank: `For practical purposes you do due diligence because you need to find if there are major problems. ' One of the most telling indictments of the value of due diligence comes from a senior banker with one of the major US serial acquirers: In the early 1980s we were babes in the woods in terms of due diligence.
In the case of several banks in our interview series known to have lost market share during the merger period, it was quite difficult to obtain hard numbers. Even in the case of the well-advertised revenue losses incurred in the First Interstate and Core States conversions in the US, figures quoted in the financial press are both contradictory and disputed by management as being exaggerated. Managers are understandably shy about confirming the extent of such a negative benchmark for merger performance.