Large cross-border deals, which fueled the merger and acquisition (M&A) boom for the last five years, will be harder to come by in the future due to the impact of trade wars and regulatory risks, according to JPMorgan Chase & Co.

“Larger deals are harder and harder to get over the line due to increased regulatory hurdles and prolonged trade wars,” said David Lomer, co-head of M&A for Europe, the Middle East, and Africa at the bank.

Still, as buyers from Asia redirect their attention from the U.S., “EMEA has become the epicenter of cross-border M&A,” Lomer said at the sidelines of JPMorgan's European High Yield & Leveraged Finance Conference in London. Domestic consolidation is also boosting M&A in Europe, he said.