Battle of the bulge bracket. (competition among major investment banks)(Cover Story)

Banker, The, March, 1997 by Shearlock, Peter

Investment banks are pursuing aggressive growth strategies to avoid being taken oven during the next market downturn. Majority of them have adopted an approach that focuses on increasing their size, improving the quality of their earnings and reducing their dependence on any one revenue source. The investment banks are trying to ward off the increasing encroachment of universal and commercial banks for fear that these institutions would settle for lower profitability in investment banking.

Following record profits in 1996, investment banks are aggressively building up their empires to ensure they are big enough to survive the next downturn in the market. But right now, the focus is on hiring, not acquiring. Peter Shearlock reports

It is, in the words of one...

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