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Cut the dumb low-margin, high-risk bullshit like hedge fund lending and most of S&T, and reallocate capital towards M&A, Sponsors, and their supporting coverage groups (the actual high-margin revenue drivers of the investment bank). Seems simple - idk why they haven’t just done this yet. The advisory and lev fin businesses are by far the most value accretive and historically (First Boston, DLJ) are what have put their investment bank on the map (and largely the source of the senior talent in the bank which has historically punched way above its weight class amongst BBs)