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Best Emerging markets investment bank: HSBC |
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Also shortlisted: Citi, Deutsche Bank and Standard Chartered |
HSBC’s investment banking model is often misunderstood. Its fixed-income, currencies and commodities business is not in the same league, in revenue terms, as such rivals as JPMorgan, Citi or Deutsche Bank; its global equities business lacks scale; and it has never actively coveted a top-tier position in emerging market M&A and ECM across all regions.
In short, HSBC has never sought to build a conventional top-tier global investment bank.
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