Mr. Aquila appeared on CNBC's "The Call" and discussed M&A activity with Citi's global head of M&A, Mark Shafir, and CNBC's Trish Regan. He noted that uncertainty in the economy and in Washington has slowed M&A transactions. "Businesses need to know what the next year and the year after that [are] going to look like from a regulatory and tax perspective.... Right now you know that change is coming, but no one really knows what that change is." He also said that while financing and private equity are back, transactions are not as highly leveraged as they were a few years ago.