New web-based securities Firms once evoked fear in their intended targets, but lack of immediate action has lessened the fear of the unknown. “Last year I was convinced that WR Hambrecht and Wit Capital were going seriously to threaten our way of doing business,” says the head of investment banking at an incumbent bulge bracket Firm. “But now I just regard them as yet another small contender.” Even one of the leading e-Finance analysts, Greg Smith at Chase Hambrecht and Quist, thinks that: “the era of the e-investment bank has faded somewhat”.
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