It has been three years since Morgan Stanley won any of Euromoney’s global awards. That fallow period coincided with the end of the bull market in stocks and M&A that had made Morgan Stanley – and Goldman Sachs – such a force in the 1990s. In the new marquee businesses – debt markets – both found themselves slipping down the tables as US universal banks Citigroup, JPMorgan and to a lesser extent Bank of America rose to prominence.
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