Has or will the bulge bracket change?
Given the losses that so many of the BB banks have seen recently, will (or are) there any that won't be considered BB any more? I guess it's a pretty general term, but do you guys think there are any banks that will eventually be phased out of that category?
I don't have the data in front of me at the moment, but I believe some of the top boutiques actually make close to as much investment banking revenue as Bear Stearns does (!). Obviously some of the bigger bulge brackets are going to be way in front of the boutiques and MMs but at the lower end, it could perhaps shift around a bit.
That said, boutiques are typically not nearly as diversified as the BBs so on an absolute revenue basis I don't think it will happen.
Do you think we might see some high profile mergers at the BB level?
[quote=dosk17]
I don't have the data in front of me at the moment, but I believe some of the top boutiques actually make close to as much investment banking revenue as Bear Stearns does (!). Obviously some of the bigger bulge brackets are going to be way in front of the boutiques and MMs but at the lower end, it could perhaps shift around a bit.
That said, boutiques are typically not nearly as diversified as the BBs so on an absolute revenue basis I don't think it will happen.
/quote]
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