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  • There was a time for bankers who work on mergers and acquisitions where big was beautiful.


  • At Bulge Bracket banks, such as Citigroup, Deutsche Bank, JPMorgan Chase, and Lehman Brothers, the name of the game was size.


  • Armed with a big balance sheet, the top advisory bankers in London and New York hunted deals with their boardroom relationships, while also having the ability to offer their clients financing packages.


  • But this all changed after the financial crisis.


  • Post-crisis regulations that were designed to prevent risky trading and lending made life a lot more bureaucratic and a lot less fun.


  • Pay packages and perks were also more tightly controlled.


  • That is when the exodus began.


  • Bankers who would spend a lifetime at places like Morgan Stanley, UBS, and Goldman Sachs, quick to start their own boutique firms.

    在摩根士丹利、瑞銀集團,以及高盛集團傾注一生心血的銀行家,迅速成立自己的精品 (諮詢) 公司。

  • This new generation of boutique banks is nostalgic for the old ways of banking - small partnerships, where a select group of senior bankers mostly own and operate the firm.


  • Critics of the big banks say this is a superior model.


  • Risk-taking is likely to be more prudent when partners have more skin in the game.


  • Free from the shackles of the big banks, where even your every email is monitored by compliance, those succeeding in boutiques say they're having more fun.


  • And they're once again making tens of millions of dollars.


  • At the turn of the century, the top five mega banks made about 50% of M&A fees, while boutiques accounted for 15%.

    本世紀的轉捩點,就是前五大的銀行賺進約 50% 的合併與收購利益,而精品投行占了 15%。

  • Today, they control anywhere from 30% to 35% of M&A fees.

    現在精品投行佔了 30 到 35% 的合併與收購利益。

  • The likes of Goldman, JPMorgan, and Morgan Stanley have survived the rise of the boutiques.


  • But for many other famed names in the world of banking, such as the European houses, the M&A game has become more difficult as the boutiques have risen.


There was a time for bankers who work on mergers and acquisitions where big was beautiful.



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