Terrible thing, denial. As the investment banking industry mourns the sudden death of the Wall Street model, it is not surprising that many are locked in grief. But it is worrying that some are still stuck in denial about why it died and what it will mean for those left behind.
An exchange traded fund tracking the performance of the FTSE 100 almost doubled in size last month, according to its provider Lyxor Asset Management, as investors rushed to bet on the index of the UK’s biggest companies rebounding from late-November lows.
Deutsche Bank's co-head of global credit trading, who is understood to have lost at least $1bn (€736m) last year as a result of extreme volatility in the credit markets, is to leave the bank and start up a credit fund with 15 of his team.