Sceptics about the value of big mergers often turn out to be right: promised synergies never materialise and managers get sucked into the tedium of integrating IT systems and the like.

怀疑论者对于大并购价值的怀疑经常是对的：所承诺的协同增效效应从来没有实现，管理者陷入类似于整合it系统一样的乏味整合。

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Higher interest rates seem to be having an impact, but so too are plans that haven't worked out and mergers that failed to produce synergies, says Daniel Gates, who wrote the Moody's Report.

ECONOMIST: American banks