Investment banks have collected approximately $1 billion since 2011 advising and pushing American companies to engage in inversion deals, where they move their addresses abroad and thereby save on taxes, The New York Times reports.
Inversions result in big pay days for Wall Street bankers, which may explain why so many of them are now pushing for them. Goldman Sachs, for instance, has made about $203 million to date for serving as an advisor over the past three years on inversion deals that have been completed or are still pending, according to information from Reuters’ Deal Intelligence unit, as cited by The New York Times. JPMorgan will take in $185 million on inversions within that same time frame while Morgan Stanley stands to collect $98 million and Citigroup $72 million.
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