The credit crisis triggered an unprecedented amount of consolidation in the banking industry, but global mergers and acquisitions dropped 24% during the first nine months of 2008. During the third quarter, the value of bank deals exceeded $132 billion and accounted for half of the global banking M&A volume this year. Brett Olsher, Deutsche Bank's global co-head of M&A, said he expects bank consolidations to continue to drive M&A volumes for the remainder of this year and into next year.

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