When did IB take over Broker/ Trading on wallstreet?
In the 80s/90s wallstreet was all being about a trader, or a seller, or a broker? (What the difference of S&T now be being a broker back then)
Sure there were the rise of hostile takeovers and LBOs in the 80s but the traditional M&A group of investment bank was not where the money was to my understanding.
So what other divisions were in investment banks back then? We’re they just big wire shops? And what is a trading desk today vs being a broker back then?
I know that whole deal ended when interest rates tanked. But I’m also wondering if those yuppies were getting paid relatively more back then than Analysts today.
Brokers back then solicited business from their accounts to place trades for them and collect a commission. Think of how would you place trades before eTrade or Interactive Brokers or the abomination known as Robinhood. I'll ask someone else to chime in about differences in current day execution trading desks vs S&T.
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