mdm402

1 Comment

    • ON: Tue May 13th 08:32 AM
      Commented on:
      JPMorgan, Bear Stearns: More Smoke from Wall Street
      Wondering where you got that Bear's PB business was tops in assets. Everything I'm aware of, and I've been close to that business for eight years, puts MS first, GS second, and Bear a fading third, and that was before a lot of clients got skittish about Bear's stability. Before I left GS in February, they were picking up lots of balances from Bear clients looking to hedge.
      I'd also say BNY Pershing and Goldman Sachs Execution & Clearing (the old SLK) have much stronger clearing franchises. Jamie Dimon clearly wants to be in these businesses, and Bear was the best asset for sale, but it certainly isn't best of breed.
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