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Goldman president says companies shying away from large deals

(Reuters) – Uncertainty around tax policy and political events such as the elections in Europe are preventing companies from pursuing large M&A transactions, Goldman Sachs Group Inc president and co-chief operating officer David Solomon said on Wednesday.

Deal momentum overall feels stronger in the last month than earlier in the year, Solomon said, speaking at Deutsche Bank’s Global Financial Services Conference in New York City.

“Given the environment we’re in, barring market shocks and volatility, we’ll continue to see a reasonable pace of M&A,” he said.

Overall, M&A activity is up around 6 percent, he said, compared to the prior year.

Goldman in the first quarter reported financial advisory revenue of $756 million, down 2 percent from the year-ago period.