- Published: May 2012
- Region: United States
Summary: Morgan Stanley Dean Witter & Co. Jul 01
- Published: July 2001
- Standard & Poors
The world is changing for institutional investment banks. Their underwriting prowess and advisory expertise are no longer sufficient to win attractive fees from their corporate clients. Increasingly, they must participate in some less attractively priced products, like senior bank loans and even CP backup lines. Earning the right to play in their traditional intermediation markets this way, they become not merely intermediaters of credit, but must actually rent their own balance sheet. These developments result in higher industry risk. The changes come amidst a downturn for the industry's most lucrative businesses, with M&A transactions and equity underwriting down sharply in 2001. The longer this slump continues, the greater the pressure on institutional securities firms to extend credit to maintain overall...
Companies mentioned in this report are:
- Morgan Stanley
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- Morgan Stanley