Vodafone-Idea's $23 billion mega merger: Investment bankers abandoned

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