The growing number of emerging-market companies making sizeable mergers and acquisitions will change the shape of the global corporate banking and advisory business, says Michael Klein, CEO of global banking at Citigroup.
"This will be one of the most important drivers of the corporate and investment banking business in the coming years," he says. He argues that the historical global hub structures of New York and London will be insufficient to provide effective advisory and financing services for transactions emanating from emerging-market countries and involving deals between them. "If a Chinese company is buying into Russia, organizing the advisory and local financing from a desk in New York clearly isn't going to work," he says. "It will affect the way that legal and accounting firms are...
