10/05/2012 08:46 am ET

The Rise And Fall Of Investment Banking

This was the era when everyone wanted to be Goldman Sachs, and every mom-and-pop bank in every small farming town suddenly had to have a securities operation, a debt trading and derivatives team and a swish new logo. We heard the same thing in every bank we visited – a focus on trading, an eye for acquisitions, a burgeoning fixed-income division. Whereas, once, retail banks would talk to you of their clients, now it was all about bespoke correlation trading models, cleverly hedged mortgage servicing rights, their desire to be viewed as full-service financial institutions.

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