EPISODE · Jun 15, 2026 · 8 MIN
How Consulting Firms Are Building Their Own Investment Banks
from Service Business Talks with Fexingo: Consulting, Agencies, and Professional Services · host Fexingo
Episode 53 of Service Business Talks with Fexingo. Lucas and Luna explore the most significant pivot yet: why top consulting firms are quietly acquiring investment banking licenses and building M&A advisory desks. They focus on the specific case of McKinsey's 2025 acquisition of a boutique tech M&A shop, the revenue model (success fees replacing hourly billing), and the regulatory pushback from the SEC. The hosts debate whether this blurs lines beyond the Gramm-Leach-Bliley Act's spirit. They also touch on Deloitte's new capital markets advisory division and the talent war for senior bankers. A concrete look at how consultants are becoming bankers—and what that means for independence and conflicts of interest. For listeners who follow strategy consulting or investment banking, this episode offers a clear framework for understanding the trend. #ConsultingFirms #InvestmentBanking #McKinsey #Deloitte #MergersAndAcquisitions #SEC #GrammLeachBliley #FinancialServices #RegulatoryCompliance #BoutiqueBanking #StrategyConsulting #RevenueModel #ConflictsOfInterest #CapitalMarkets #TalentWar #Business #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
What this episode covers
Episode 53 of Service Business Talks with Fexingo. Lucas and Luna explore the most significant pivot yet: why top consulting firms are quietly acquiring investment banking licenses and building M&A advisory desks. They focus on the specific case of McKinsey's 2025 acquisition of a boutique tech M&A shop, the revenue model (success fees replacing hourly billing), and the regulatory pushback from the SEC. The hosts debate whether this blurs lines beyond the Gramm-Leach-Bliley Act's spirit. They also touch on Deloitte's new capital markets advisory division and the talent war for senior bankers. A concrete look at how consultants are becoming bankers—and what that means for independence and conflicts of interest. For listeners who follow strategy consulting or investment banking, this episode offers a clear framework for understanding the trend. #ConsultingFirms #InvestmentBanking #McKinsey #Deloitte #MergersAndAcquisitions #SEC #GrammLeachBliley #FinancialServices #RegulatoryCompliance #BoutiqueBanking #StrategyConsulting #RevenueModel #ConflictsOfInterest #CapitalMarkets #TalentWar #Business #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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How Consulting Firms Are Building Their Own Investment Banks
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