“If you can run earning assets at lower capital levels than the economic risks warrant, then what starts as an incentive to acquire becomes a compulsion to grow into a conglomerate that serves every customer in every product in every region”
“Fundamentally, the ECM industry still executes business in an artisanal and arguably analogue way”
“If we had a crisis today, it is much more difficult to see how you pull that bump forward.
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