Most investment banks spent another year under the hood fine-tuning their strategy and operations in the face of often confounding economic, business and regulatory changes. But one firm, having taken tough decisions to rebuild and remodel early, came into its own in 2014 and realised the gains of its endeavours with some glittering wins. Morgan Stanley is IFR’s 2014 Bank of the Year.
In many ways 2014 was a bumper year for the investment banking industry. Although the year began with a few jitters as the US Federal Reserve changed guard and began to taper its purchases of government and asset-backed securities, asset prices across the markets quickly resumed their upward march of the past five years.