Financial Services Industry
Industry: Email Alert RSS FeedInvestment Banking: As European Banks Flail, Americans See an Opening
US Banker, February, 2005 by Michael Dumiak
As the new year takes shape and numbers once again rule the mean streets of Frankfurt and Zurich, what's left of their ambitions for global high finance and investment banking? The close of 2004 saw Commerzbank abandon the major leagues to focus on targets closer to home, let a little blood and shutter a "problem child" securities unit, while Credit Suisse took steps to absorb its once-independent and proud unit, Credit Suisse First Boston. Meanwhile U.S. giant JPMorgan Chase snapped up London-based Cazenove, adding its financial muscle to Cazenove's highly prized little-black book of exclusive clients.To some, it looks as if investment banking's European players are on the retreat once again, while American institutions have opportunity to claim territory. But that's a very '80s...
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