Late last year, one of ABN Amro’s senior North American managers likened the bank’s involvement in the investment-grade US credit markets to “a kind of store-front on Madison Avenue”.
Competing with the most fashionable US high-grade bond underwriting houses, however, appears to have become too extravagant a pastime for the Dutch bank.
In June ABN ceded control of its entire US domestic debt capital markets underwriting business to its wholly owned but fiercely autonomous midwest bank, LaSalle.
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