Do Investment bankers put the needs of the clients last?
Former bankers have said that the wants of clients are thought of much after they think about their own. According to them, bankers wait for the optimal time when the client is the most fragile to make as much money as possible.
From Promarket:
While banks typically claim as their main value that their clients’ interests always come first, the reality is usually quite different. Therefore, banks will routinely increase the complexity of a transaction to make it difficult for the client to understand where the bank makes money or to make it difficult to compare to transactions proposed by other banks.
There is indeed a striking gap between the official communication and the internal behaviors I have observed (and taken part in). To me, banks are experts at exploiting asymmetries of information. Furthermore, they often amplify this asymmetry themselves by complexifying the products they offer or by disclosing only fractions of the information they have.
What do you guys think?
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