Since Lehman Brothers failed in October 2008, many senior investment bankers have turned their faces to the wall and refused to accept the new reality. Most of my contacts insisted that the industry was not in secular decline. “It’s a bad phase,” they murmured. “Things will improve next year.”
Few of the bulge-bracket players would countenance the notion that their businesses were substantially overstaffed, that costs were out of control and that the soft-touch regulatory environment had gone forever.
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