Source: www.breakingviews.com is Europe’s leading financial commentary service.
Date: May 2003
In the space of seven days last month, the London offices of the bulge-bracket investment banks had to face up to the loss of two longstanding ways of bolstering income from equity trading. One was imposed by the regulator. The other was surrendered voluntarily by Goldman Sachs and Merrill Lynch in what looks like a big bet on the way the brokerage industry will evolve.
At the beginning of April, Goldman and Merrill effectively loosened the ties between stockbrokers and fund managers.
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