Goldman and Morgan Are Equity Champions
Traders Magazine, September 2004
Goldman Sachs and Morgan Stanley will dominate the institutional equities business in the coming years. That's according to a new report by Citigroup Smith Barney. The two firms' equities businesses have the highest growth and are the most profitable among the bulge brackets, the report notes. "These companies were the earliest and most thoughtful in evolving their equities businesses," states Ruchi Madan, a brokerage analyst at Citi. "When the equities environment improves, we believe these firms will significantly outperform in equities." Madan reviewed eight brokerages, comprising 68 percent of equities revenues in 2003. The others are UBS, Merrill Lynch, Deutsche Bank, Lehman Brothers, J.P. Morgan and Credit Suisse First Boston.
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