Global crisis ends duopoly in European prime broking
Fri Apr 24, 2009
Goldman Sachs edges ahead of Morgan Stanley, but the latest survey shows that in a changed world Credit Suisse is the biggest immediate winner, followed by Deutsche Bank and UBS
Goldman Sachs edges ahead of Morgan Stanley, but the latest
survey shows that in a changed world Credit Suisse is the
biggest immediate winner, followed by Deutsche Bank and
Morgan Stanley and Goldman Sachs are still very much major
players in the European prime brokerage business. But during
the market turmoil of the past year the long-established
duopoly of those two major US investment banks appears to have
been decisively broken. As we anticipated when we conducted the
last survey a year ago, the global financial crisis has
completely shaken up the market - with the emergence of Goldman
above Morgan at the top of the table being only one of many
According to our latest survey of European prime brokerage,
the biggest immediate beneficiary of this sea-change has been
Credit Suisse. Despite a steep fall last year of over 30% in
the industry's total assets, Credit Suisse...
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