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McClelland, Brown and Goldie-Morrison (left to right): charged with putting profitability before league table position in investment banking |
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Ken Lewis, who celebrates his first anniversary as CEO of Bank of America later this month, believes his institution won’t need to face the buy, sell or give-up choice faced by all previous US investment banking aspirants. But with his investment-banking unit, Banc of America Securities, he still has to follow exactly the same path as all those that have gone before him – to develop a meaningful franchise in equities and mergers&acquisitions.
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