"The New Kings of Wall Street"
It seems that the trend we are seeing is indicative of what is to come in terms of an emerging global super league of investment banks. If you look at hiring patterns, potential compensation/bonus payouts, government ownership, market share growth, reputation,(i.e. the weak vs. the strong) then you can single out some clear winners vs. losers currently and going forth. (For example, while some are desperately increasing base salaries to retain talent, others are getting ready for massive bonus payouts.) This is an interesting article based on an analysis from Morgan Stanley who came up with the following firms as the "new kings of wall street" or the "Flow Monsters". In no particular order..
It's quite obvious however that MS would also be included in this list.
Thoughts...
A bit exaggerated, but still indicative of the overall trends. It will be interesting to see how all this plays out over the next few years..
So, in addition to the largest transfer of wealth in the history of humanity (from the taxpayers to the banks), we are now returning to a feudal banking system where five banks will monopolize all global commerce.
Fucking great.
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All hail the 6.
Technically it's 6 banks since MS would be included on the list as well. So 6 banks controlling the world - less of a monopoly than 5, so I say, Celebrate!
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Anyone who is really in this business knows that since the BofA/ML merger they have their hand in everything (worldwide). They can pretty much do anything they want at this point as they are on all sides of a transaction.
Agree with junkbondswap. I remember taking a look at bloomberg about a week ago and despite the current perception surrounding Citi and Bofa/ML, they were still 4 and 5 respectively in the M&A league tables.
MS is not on the list. BOFA might be if they get their shit together.
BofA and Citi are definitely still killing it on the league tables, but I am curious how their longer term prospects are going to be damaged from being kept under the the government's thumb. There is also a lot of wreckage that still lurks on their balance sheets, and with M&A and other corp fin revenues only comprising a small portion of earnings, they have a long ways to go until they can fill in the holes.
The article does have a bit of euro-bias given that it is from a British publication.
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Global M&A advisers
Time period 1/1/09-today
House, Value (USD M)
1 Goldman Sachs 101,977 2 Citigroup Inc 74,822 3 Credit Suisse 70,457 4 Morgan Stanley 65,522 5 Bank of America Merrill Lynch 64,204 6 Lazard 63,145 7 Deutsche Bank AG 61,633 8 JPMorgan 59,261 9 Greenhill & Co 44,491 10 UBS Investment Bank 42,530
Source: mergermarket.com
The Federal Reserve SYSTEM. Not just 1 bank but 12 regional banks and over 3,400 smaller "member" banks. Plus owns a 40% stake in the ECB, so...who is really the KING of Wallstreet.
Is it just me, or is anyone else confused by Greenhill's sudden disappearance? Out of the banks, they've kind of fallen off a cliff.
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