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The state of investment banking in 10 mini-portraits
The fruits of a substantial, if patchy, recovery in capital markets over the past year have not been evenly shared between the main investment banks. These 10 vignettes – some positive, some less so –...
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Those incredible shrinking investment banks…
The biggest investment banks have gone on a crash diet over the past five years and shed a lot more in assets than you might think. My latest column for Financial News It is something approaching an...
View ArticleInvestment banks: cheer up, it might never happen
However bleak the outlook may be for the industry, things will almost certainly get better. They always do…My latest column for Financial News If you own an item of clothing long enough it will...
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Thank you for smoking: banks adopt the big tobacco approach to lobbying
The big banks have used diversionary tactics and deliberately misleading arguments to drag out the process of regulatory reform. My column for Financial News. In the movie Thank You For Smoking there...
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Playing politics with banking reform
The high turnover and short attention span of politicians is paralysing regulatory reform. My latest column for Financial News. On the evidence of the past few weeks in the US, Henry Kissinger was...
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Wall St lives down to low expectations
Five years on from the financial crisis, investment banks are still struggling to find a consistently profitable model. Under-promise and over-deliver is great motto for business, and for life in...
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Trouble from the top down at JP Morgan
In the debate over past misconduct at JP Morgan Chase and billions of dollars of settlements, the blurring of the boundary between making money and how it is made sends a worrying message. My latest...
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When will shareholders lose patience with the banks?…
…and why have they not already done so? Time may be running out for banks but for their shareholders the road to recovery is paved with broken promises and jam tomorrow. My column for Financial News....
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Cutting investment banks down to size
Big used to be beautiful but the comparative advantage of scale that the biggest investment banks used to enjoy is slowly being chipped away. My latest column for Financial News. When it comes to...
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Bank results: stranger than fiction?
Many banks have taken an already complex issue and made it virtually impenetrable. My latest column for Financial News. The opening credits to the 1996 movie Fargo declare “this is a true story”. But...
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Cutting through the confusion on pay and bonuses at investment banks
The debate over pay and bonuses at investment banks generates far more heat than light. To help cut through the confusion, here are 10 things we know or don’t know about what’s going on. My latest...
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What happens if you take the fix out of FICC?
It could be entirely coincidental that fixed income revenues have collapsed at the same time as investigations widen into alleged collusion and fixing. But then again, maybe not. My latest column for...
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Why bankers should be paid like hairdressers
If bankers had to pay for the privilege of working at their bank, it would focus the mind on who brings what to the table. My latest column for Financial News. Over the next few months, very few people...
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Big themes of 2013: (2) Time for a more radical approach to cost-cutting at...
Investment banks are only just beginning to explore more imaginative ways of reducing their costs, and 2014 is likely to see some bold structural changes. My column for Financial News. If you thought...
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Big themes of 2013: (3) Counting the real cost of financial regulation
It’s time to spend a lot more money on far smarter financial regulation. My column for Financial News. Nobody likes more regulators or more regulation. This antipathy towards watchdogs was neatly...
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Big themes of 2013: (4) Meet the new kids on the Wall St block
High turnover and the limited experience among the most senior executives on Wall St could be storing up trouble. My column for Financial News from July 2013 When it comes to work, too much experience...
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Big themes of 2013: (5) Where has all the growth gone for investment banks?
As investment banks head nervously into 2014, revenues are flatlining with no sign of improvement anytime soon. My column for Financial News (from August) The thing about growth is that, like...
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Big themes of 2013: (6) Investment banks and their giant game of Jenga
Investment banks are struggling to work out how the different parts of their business fit together and how profitable they are. It could all come crashing down. My column for Financial News (from March...
View ArticleBig themes of 2013: (7) Is there a third way to measure bank capital?
The debate over bank capital requirements could get lost in its own complexity. Here’s a simple suggestion to clarify matter (in my column from July). When chief executives of banks start lining up to...
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Big themes of 2013: (8) Banks take the ‘Big Tobacco’ approach to lobbying
The big banks are using diversionary tactics and deliberately misleading arguments to drag out the process of regulatory reform. My column from October applies as much to the Volcker Rule and the...
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