One of the joys of being a diversified investment bank with tentacles around many asset classes is that sometimes falling activity in one can be offset by the continuous rattling of another.
This is somewhat the situation today where banks that shook their debt market toys so wildly that they broke are now benefiting from the chance to repair some of the damage through their equity capital market businesses.
The destruction of hundreds of billions of dollars-worth of capital has left many banks in desperate need of billions in equity.
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