The trend towards US dominance is particularly acute in investment banking, where JPMorgan is now the top revenue generator in Europe, as well as globally.
So exploration of a link between Deutsche Bank and UBS to bolster both firms by exploiting their relative strengths in fixed income trading and equities had a clear logic.
A full-blown merger between the two firms has been explored before, and numerous UBS staff with an equities background – led by co-head of investment banking Rob Karofsky – previously worked at Deutsche, so there was a shared familiarity with the two business models.
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