For FICC’s sake!
This tongue-in-cheek reaction of one banker on hearing that Société Générale is the latest bank to create a fixed-income, currencies and commodities (FICC) division is understandable.
Rarely has one bank’s acronym for an internal division become as ubiquitous as Goldman Sachs’ FICC. Citigroup and Merrill Lynch have also copied the Goldman formula.
We wonder how much time bankers spend thinking of the unintended consequence of an ill-chosen designation for some product line? Here at Euromoney we have thought of a couple that might best be avoided. Having a mergers, acquisitions and divestments team may not be such a barmy idea. One that should definitely be avoided is structured hybrid instruments trading.