Here are some interesting quotes from the Reuters Investment Banking Summit, which is being held this week at the Reuters Building in Times Square, New York.
'There was a prediction that most financial services companies would pull back from the asset management industry....Our view then, and still today, is that many businesses would remain in asset management'.
Gregory Fleming, president of global markets and investment banking, Merrill Lynch
'I don't think asset management as part of big conglomerates makes a lot of sense. In some cases creating a more pure play company may be worth more than have it hidden in a conglomerate'.
Scott Bok, co-President, Greenhill & Co
Credit Suisse Bonuses
Our firm is not doing two-year guaranteed bonuses, and we have become very conservative on that front because of some of the sins of our past....Pre-John (Mack), we had many of those kind of indiscretions. John set a standard and we've more than maintained that standard (since he left).
Harold Bogle, Managing Director, Investment Banking, Credit Suisse
'It's a challenge to attract women and minorities to this business'.
Scott Bok, co-President, Greenhill & Co.
'It looks like global M&A will exceed the peak year of 1999 this year. This year has been a boom year'.
Martin Lipton, Founding Partner Wachtell, Lipton, Rosen & Katz
'For M&A as a percentage of market (capitalization), we're about at the median. We would expect 3 to 4 more years of good activity, and then it starts to go down'.
Robert Greenhill, chairman and CEO, Greenhill & Co
Goldman Sachs CEO Lloyd Blankfein told the Summit attendees Tuesday that he thought that robust debt trading and investment banking activity would continue apace for the foreseeable future. He said that 'even at this high point, the cycle has a way to run'. Blankfein also indicated that Goldman wants to expand into advisory and underwriting for mid-market corporates.
Wachovia's Investment Banking Growth Plans
'Near term, our strategy is not to be all things to all people, but to build businesses that are unique competitive advantages unique to Wachovia'.
Ben Williams, Head of Global Capital Markets and Investment Banking, Wachovia
Source - Reuters