Profits doubled at Merrill Lynch’s Latin American business. JPMorgan expanded its operations rapidly, with high-profile clients at the forefront of its growth. Regional heavyweights UBS and Credit Suisse continued to perform well, driven by the Brazilian IPO boom, and Citi’s Latin American operation grew by about 60%.
But as Merrill Lynch, Citi and UBS continue to announce large write-downs on their credit businesses, their competitors are left wondering what level of compensation these banks can afford to pay.
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