 "investments, private banks")
Investment banking business in India should be enjoying bumper fees after a record year of dealmaking. It's not, and big banks blame in-house teams of advisers that have proliferated as the country's top family-owned conglomerates tighten their grip.
This week's $23 billion tie-up between Idea Cellular, controlled by the Aditya Birla Group, and the Indian business of Vodafone Group, is the latest example of a trend that is squeezing major international investment banks.
Many are struggling in a market that has long been difficult, thanks to messy deals, paltry fees and local challengers.
Bankers had been circling both sides of the telecoms mega-merger
