12/27/2011 09:36 am ET

William Cohan: The Investment Banking Profession As We Know It Is Over

We are witnessing the decline and fall of the investment-banking profession as we have known it for the past 40 years.

The evidence is everywhere. The increasing regulations on Wall Street -- as required by the Dodd-Frank law and still being written by the Federal Reserve, the Securities and Exchange Commission, the Commodities Futures Trading Commission and others agencies in the U.S. and Europe -- will require the remaining companies to increase their capital, curb their risk- taking and reduce their principal investing.

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