There are good clients, there are great clients and then there is AT&T, which is the biggest global acquirer on record across all sectors. The US telecoms giant added to its acquisition tally this week with a $39bn deal to buy T-Mobile USA, the US arm of German telecoms group Deutsche Telekom, throwing up an estimated $75m in fees to advisers JP Morgan, Evercore and Greenhill.

JP Morgan, which is this week's investment bank of the week, will be getting a large chunk of those fees.