It's been a miserable few years for investment banks. Between epochal meltdowns, shotgun marriages, a federal pay czar, congressional investigations, reform legislation, and SEC lawsuits, even the proudest firms have been flayed (often for good reason). One of the less publicized results of that tumult has been an exodus of talent. But many bankers aren't fleeing Wall Street -- they're fleeing to the other side of the Street: small boutique firms that eschew the proprietary trading and lending to their clients that the giant banks emphasize. These younger firms hark back to a venerable model of financial firms, selling only advice.
Many theories are floating around about what can be done to fix Wall Street: more transparency, greater oversight, even lower pay. But what's really needed, according to one solution, is the return of a personal touch.
Interesting ripple effects from the terror plot. Price of oil plunges over $2 and that in turn helped boost the stock market. Airline stocks didn't get hurt that badly. AMR was unchanged for goodness sake.
Boutique investment bank Evercore Partners Inc.'s initial public offering raised $82.95 million Thursday, higher than expectations, according to an underwriter.
Bloody violence continues in Iraq, potentially overshadowing Wednesday's pingpong match between Sen. John Kerry and Commerce Secretary Don Evans, who plan to deliver dueling economic speeches in the capital.
The economic team of Sen. John Kerry, the likely Democratic nominee for president, shares many ties with the Clinton administration -- including lingering echoes of the Whitewater scandal.
Bill Clinton's solid lead in the race for the White House has made Name That Cabinet Secretary the hottest game in Washington. Here are some folks Democratic players are betting will head his econo...
THE PRESIDENTIAL campaign season has begun, and the Democratic hopefuls are descending on Wall Street. Over the past few months, Senator Joseph Biden, ex- Senator Gary Hart, ex-governor Bruce Babbi...
© 2013 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
|