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Breakingviews: Banking team of rivals

Thursday, Oct 03, 2013 - 03:37

Oct. 3 - Traditionally fierce Wall Street competitors Goldman Sachs and Morgan Stanley are doing more deals together. Breakingviews editors discuss what’s behind the phenomenon.

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Traditionally fierce Wall Street rivals Goldman Sachs and Morgan Stanley are I would say getting chummy but they're teaming up on more deals the latest example being the -- let Twitter right BO which now -- Morgan Stanley. As an underwriter our colleagues got Jeffrey Goldfarb has written about this we're here to talk about it today. Richard feels what's behind this phenomenon. Well as a few things right that's those few investment banks around right there is actually less business around certainly eliminate. Clients. You could. Say adding that got big gamble global deals and the finances of the tumble complex right. And you've got to know that piece of it. Which is the moment steadily. It is really and go with a Bogans that the Wall Street rivals in and I is an eyeful instead only is this has taken a little bit of a different focus lately on the wealth management and its business again. What's happened is you go out I think this is. About two dozen times olympians. Go animals that have been on the same thing -- paper. Net ten years ago that was very few so it's it's noble way it's always is still a minority of what they did it. -- working together more often in the vehicle the -- -- the event. He would have these exclusive relationships -- client's right voice. Or it's idiots out of it yet. It's a musical moment on that many deals with the trend story coming up that we saw a lot more things. That's -- go is going on ten years ago that was the end of these dot com this lap then decided welcome bubble you have a drop innocuous as well he also had. The rise of the cycle universe banks in the US and take -- right. City creek and very -- units on back America wants Europeans. -- saying that we got behind sheets. You've got to use this other deals and if you look at that the statistics in ten years ago at the likes of deals what -- with second or third on the list all right guys watch. These two I mean where the other banks and they also cooperating more with this I don't know I think it's a Clinton nominee immunity visit to oversee two's especially today it is the biggest -- -- until the league -- -- Sixteen of those twenty years all right summing so that pretty -- to slow people Aniston is always been in and pretty close -- and he's not because they don't have the. Balance -- Ogg you can say -- in this conflict so that boutiques Adam's -- to make it sound balance -- conflict point. Go home site they have some -- channels much the big guys because if you look like he's in that case it. Two point not gonna get sent from by hiring was can be Goldman and Morgan Stanley insists there's a lot of offensive guesses as answers I don't know because I -- -- -- I don't know how to -- only against news and I wanna stop the best guys going against me as well so I'm gonna -- them lettuce and beef and the next. The IPO it's. But as -- -- said Melissa income -- wealth management nice to whatever economic or business right but if you think about it I'm I'm -- -- -- -- what I want apps to the rest guys in the street. Goldman Sachs is pretty -- having high net worth individuals and institutions bogus and he has good institutions some -- work. I'm really good we terrorists operative. -- and yes the little pleasant and other thing of course you see. Goldman and Morgan Stanley have both global banks but obviously a big big IPO is what fuels this is a whole bunch of smaller banks with little. Little but important groups of customers and global banks you have. Customers elsewhere and ultimately be comfortable and I have seen him do you see them all coming together more. What's interesting stuff and if Washington can't cooperate at least Wall Street can will be watching this and other stories and meanwhile you stay tuned for more breaking news tomorrow.

Breakingviews: Banking team of rivals

Thursday, Oct 03, 2013 - 03:37

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