Over the past 10 years, commercial banks have set up all kinds of investment bank combinations in the hope they can turbo-charge their profits. That made superficial sense when you looked at the money the investment banks were making then. But the idea that commercial banks need investment banks should have been laid to rest by now, if only by the enormous losses which the investment banking divisions have inflicted on banks such a Citi and UBS, and brokerage...
¬ Haymarket Media Limited. All rights reserved.
