Quotes of the month

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April 2019

"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”

Vikram Pandit, chairman and CEO at Orogen Group, says that unduly low regulatory capital levels were an incentive for bank acquisitions.


“Fundamentally, the ECM industry still executes business in an artisanal and arguably analogue way”

Craig Coben, vice chairman of global capital markets at Bank of America sees little difference in the way that deals are executed in 2019 and how they functioned 20 years ago.


“If we had a crisis today, it is much more difficult to see how you pull that bump forward. If the cycle turns, it will be much worse and much harder to recover from”

Guy Hands, chairman and founder of private equity firm Terra Firma, is worried that the implications of a new downturn could be very severe indeed.


“Suppose that interest rate swaps or credit default swaps had never been invented, would we still have had a housing finance crisis? The answer is: absolutely”

Mark Brickell, CEO at Clear Markets, says that derivatives didn’t cause the crisis, the problem was largely in the housing sector and its public policy.


“A number of Silicon Valley companies got to higher valuations in private rounds than they could have achieved in public markets, and not every unicorn that was a private market darling has performed so well after listing”

Jim Amine, CEO investment banking and capital markets at Credit Suisse, on the rise of private capital.