Keith Mullin is founder of KM Capital Markets. He has spent over 25 years covering capital markets. Keith was editor-at-large of IFR until early 2017 and editor of IFR magazine 1996-2007.
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IT’S HARD TO argue that the banking industry hasn’t made significant progress since the financial crisis, having undergone and in many cases still working through processes to right-size, re-balance and re-tool. Considering the severe headcount and expense reductions and business-line filleting that have underpinned efforts to increase returns on equity, it’s been painful.
A strong regulatory sense of purpose and direction of travel around capital, liquidity and, more specifically, bank resolution has run headlong at a macro level into a potentially toxic triumph of politics over policy and at a micro level into puzzlement around how point of non-viability is determined and what processes ensue.
INVESTMENT BANKERS LOVE IPOs more than most. These days that’s largely because of the high fees such deals attract, rather than the kudos that comes with being a go-to adviser and underwriter (those bragging rights have been slipping away as the act of going public has lost its lustre as the highest-form corporate end-state).