Source: www.breakingviews.com is Europe’s leading financial commentary service
Date: July 2003
By Jonathan Ford
Much has been written about the severity of the investment-banking downturn. But if this is as bad as things are going to get, it is actually pretty mild compared with the last one.
To know what real pain is, it is necessary to scroll back to the early 1990s. During that recession, most of the big investment banks struggled to make any profits at all.
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