Thoughts on the merger - is this just further (tangible) confirmation that equity research is dying? I don’t think there are any independent research firms out there anymore
Trending Content - Equity Research Forum
Career Resources
WSO Free Modeling Series - Now Open Through
November 30, 2026
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
If SocGen butchers the quality of Bernstein research, it will be very disappointing.
Euros butcher everything they touch so very likely…
so in recent years, BNP bought out Exane, Rothschild bought out Redburn and now SocGen & Bernstein...
it's definitely confirmation a) ER as a standalone business isn't viable anymore and b) significant synergies with ECM/rest of IB to be worthy of acquired
I’m curious but why isn’t stand-alone ER no longer viable? Aren’t there successful ER shops like Wolfe and Berenberg?
Wolfe only hire ranked senior analysts from other shops and those who the clients are willing for pay their research.
MIFID 2 has cut pricing for ER services... must be significantly declining year on year
Berenberg has a banking business to support revenues
Wolfe is US-focused, where there is no MIFID
Wouldn’t it make sense for Bernstein to then just spin off their business in Europe? Their research product in the US is very high quality and could standalone.
Why SocGen of all banks though?
Quia iusto non voluptas cupiditate. Animi nihil similique ullam unde aut dicta sint debitis. Sequi corporis voluptatem error in consequatur ut molestias.
Omnis eligendi incidunt explicabo aut. Tempora maxime dolorum corporis dolores consequuntur. Neque quisquam vitae ad maiores earum.
Voluptatem harum veniam possimus numquam fuga et praesentium nihil. Ratione voluptate quae consequatur ipsum reprehenderit temporibus. Sed ratione asperiores tenetur dolores distinctio consequatur. Officiis vero vitae mollitia beatae aliquid.
Qui aut quos explicabo atque doloribus. Eligendi quas beatae nisi unde ducimus error cum. Vitae rerum laboriosam illum quia est. Culpa occaecati quas dolores ea sunt.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...