Poll of Polls 2005: Merrill climbs back up the poll
Euromoney’s annual poll of polls shows that universal banks still dominate overall because of the breadth of their business. But firms such as Barclays Capital, Merrill Lynch and Société Générale are scoring notable successes in their chosen areas. Clive Horwood spoke to their heads of investment banking.
|Poll of polls: Overall
|Poll of polls: Underwriting
|including: Capital raising, Bonds, MTNs, ECP, Equities, Loans
|Poll of polls: Advisory
|including: FX research, Credit research, M&A
|Poll of polls: Internet
|including: MTNs, CP, FX
|Poll of polls: Trading
|including: Capital raising, FX
|Poll of polls: Transaction processing
|including: Cash management, Custodial services
|Poll of polls: Methodology
Ten years is a long time in any walk of life, but it’s almost an eternity in the rapidly changing world of investment banking.
Think back to the mid-1990s. Merrill Lynch was the undisputed master of the capital markets universe. The other major investment banks – notably Goldman Sachs, JPMorgan and Morgan Stanley – had a vice-like grip on the securities industry. For European banks generally and universal banks in particular – with the honourable exception of SBC Warburg – challenging the hegemony of these investment banks might have been an ambition, but it was one few outsiders would have believed achievable.