Business fashions never take long to change. But the current fad for one-stop shopping in financial services looks like being one of the shortest lived of all.
In present market conditions, universal banking has proved a winning model. With credit a scarce commodity, companies have a strong incentive to deal with banks that have money to lend. Pure investment banks have not been able to compete.
But the idea that this transient victory somehow marks the end of old-style investment banking is laughable.
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