London bankers and lawyers earn over £1bn as UK takeover wave accelerates
London investment bankers and lawyers have collected more than £1bn in fees from a surge in UK listed-company takeovers in 2026, drawing criticism amid a cost-of-living crisis.
Deal activity on the London Stock Exchange surged in 2026, with M&A value rising 175% to roughly $133bn, according to LSE data. The boom produced more than £1.2bn in fees for the City’s leading banks and law firms, pushing total earnings for bankers and lawyers above £1bn. JP Morgan advised on the most UK deals, while Slaughter and May topped the legal advisory rankings; other firms such as Goldman Sachs, Linklaters and Clifford Chance reported record partner payouts.
The government’s removal of a statutory bonus cap in late 2023 let banks set higher limits, with some permitting bonuses up to 25 times salary. Industry figures, including Jamie Dimon, warned the Treasury against raising bank taxes, while union representatives such as Charlotte Brumpton-Childs and Paul Nowak urged a windfall levy, citing widespread household hardship. Meanwhile, IPO activity remains low, though Airtel Money announced plans for a major UK listing.
Why it matters
The fee boom highlights widening income gaps and fuels debate over tax policy for the financial sector.
In this story
