JOINING IN A PRIVATE FIGHT
Eating the lunch of the investment banks, and nibbling one more hole in the Glass-Steagall Act, the commercial banks are going hungrily after the private placement market.
“I’ve seen strong inroads by the commercial banks in private placements,’ said David Bullett, a senior vice president of Teachers Insurance, which invested $1.5 billion in private placements this year. “Two to three years ago, 5% of our business came from commercial bank referrals. Today, it’s 20%.’
He added that the business was not coming just from money centre banks.
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