Today I was reading the Economist and a part of the article about investment banking says,
"... investment banks such as Goldman Sachs and Morgan Stanley are trying to expand into corporate lending, private banking and retail stockbroking."
Huh? I thought corporate lending was part of what i-banks do? Or does it mean GS and MS are actually lending THEIR OWN money, rather than just arranging it as what traditional i-banks do?
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Piece seems to have been written by a moron. Both GS and MS have been doing private banking and corporate lending for decades.
But retail stockbroking? Is this the 1980's? Do people still do that, call people on the phone to sell them stocks? I thought I witnessed the death of that shit last decade.
Who knows how retail, retail will be. It does seem to make sense to offer a level of brokerage above the traditional wirehouses, but beneath PB/PWM, I would suspect 500k-5MM might be the sweet spot.
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