Banks bash the brokers, again

Frankfurt's capital markets brokers have endured a constant squeeze on their commissions. And banks don't like them trying to swell their income by adding advisory services or touting downstream for clients. But the fierce competition leaves them with little alternative. A few of them have decided it's do or die, but tact is needed. Laura Covill reports.

‘Made in Germany’ doesn’t yet appeal

Confident of gaining detailed coverage in the German business pages, capital markets broker Exco’s new German managing director Hans Joachim Goehtz met the press on December 10. Over mushroom crepes served at the swanky Frankfurter Hof hotel, Goehtz and the firm’s chief executive Peter Edge explained their strategy to transform Exco into an “investment bank”, providing its bank clients with research and beginning spread trading, repo trading and financial engineering.

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Banks bash the brokers, again

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