Bulls at Bear, prop trading elsewhere

Investment Banking

Bear Stearns is the investment-banking model to strive for. That, at least, is the opinion of David Hendler, banks and brokerage analyst at CreditSights: “Bear Stearns may be the new business model for success in the changed brokerage playing field.”

The US investment bank is a big player in all the customer businesses which matter. It’s a big underwriter of asset-backed securities, strong in credit and interest-rate instruments, and was the number one bank for the quarter in municipal-bond underwriting, helped in large part by underwriting $4.7

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