Rise of the Europeans?
Wow talk about a changing landscape....
So assuming that ML and LEH go out tonight, the landscape will be:
Independents: Goldman Morgan
Universals: JPMorgan Citi BofA
Europeans: UBS Deutsche Credit Suisse
Boutiques: Evercore Greenhill Moelis Perella
Who do you think the major M&A players will be? Can Goldman and Morgan stand the assault of the universals? Will the Europeans become the new lenders? Where will boutiques place in all of this?
UBS has been slammed too hard from the credit crunch to the point where its investment bank will not challenge Goldman Sachs or Morgan Stanley in M&A. Goldman's capital markets have traditionally been the strongest and somehow Goldman's huge appetite for risk has not hurt them nearly as much as everyone else.
Credit Suisse could become a lot stronger given the fact that UBS (it's Swiss rival) has been hurt so bad. Credit Suisse might be a bit too conservative though overall, but they have been using a more aggressive approach recently.
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