The story of the global investment banking industry is one shaped by critical events. From the repeal in the US of the Glass-Steagall Act to the UK’s big bang deregulation, from the emergence of the tiger economies in Asia to the removal of the socialist shackles on eastern European economies, each major event has opened new markets for Wall Street’s warriors and their European competitors.
Each time, the bulge-bracket banks have captured international capital flows from newly emerging economies and have adapted to dominate domestic markets, when they have been granted entry.
Another critical event is now casting its shadow over the...
