According to a study by THOMSON FINANCIAL, more than 36,700 mergers and acquisitions operations have been carried out during 2000 in the world for a consolidated total rising by 5.5% compared to 1999, at USD 3,495 billion. A slowdown has nevertheless been observed in the fourth quarter, with 9,025 operations recorded for a total of USD 735.4 billion, notes the study. In Europe, some 15,000 transactions have been announced in 2000 for a consolidated total of USD 1,001 billion. In the United States, 11,000 operations have been recorded for a consolidated total of USD 1,833 billion, the largest operation having been the merger between AOL and TIME WARNER for around USD 181.7 billion. By sector, THOMSON FINANCIAL underlines "the startling rise" of the telecommunications sector that places itself in the first place for transactions announced in the world, representing more than USD 657 billion. The commercial banks arrive in second place with USD 357 billion. In terms of financial advice and at the global level, GOLDMAN SACHS arrives on top, as in 1999 with a volume of |USD 1,280 billion spread over 420 operation during 2000. MORGAN STANLEY DEAN WITTER arrives in second place with USD 1,130 billion and 422 transactions, followed by CREDIT SUISSE FIRST BOSTON with 715 operation carried out for USD 945 billion.