THE SUPER-LEAGUE BREAKS AWAY
The future of the middle-sized US investment banks looks bleak. They are falling behind the top seven houses, in terms of profits, market share and innovation. Some are straining to catch up; some are giving up the race, and becoming niche players; others are keeping up the appearance of being full-service houses, while steadily losing market share and their best investment bankers.
The concentration of power in the hands of the big boys is not new.
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