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David Schwimmer was celebrating. It was the summer of 2019 and the London Stock Exchange Group boss had just completed the £20 billion acquisition of data company Refinitiv.
The quiet American—the antithesis of the brash, fast-talking banker—had found his “transformative” deal.
The merger with Refinitiv would push the company away from its core business in the London stock market and into the fast-growing, lucrative business of providing data to terminals on the desks of traders around the world. The city was stunned: Shares rose 15 percent on the day the deal was announced — and kept going. By February last year they had hit a record high of £99.10, up from £56 18 months earlier.
And then the party was over. The
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