The smaller partner had "not been prepared to consider selling its investment banking business".
Let those banks trade wantonly and race to beat each other to marginally profitable investment banking business.
Asia's recruitment resurgence is spreading across the financial sector driven by a large increase in investment banking business.
The biggest uncertainty is how long it will take the investment banking business to return to its past levels of profitability.
Morgan, part of the venerable House of Morgan, was traditionally a commercial bank, but has aggressively entered the investment banking business.
The remaining comes from its institutional businesses like its investment banking business.
Mr Jenkins' strategic review of the bank, dubbed the "Transform" programme, is also expected to involve 2, 000 job losses in the investment banking business.
Always with an eye to investment banking business for their firms, you will notice there are very few sell recommendations, even now in a punk economy.
Their goal, he said, was to get investment banking business.
The issues triggered a new strategy at UBS which aims to scale down its investment banking business and instead focuses on wealth management business and its Swiss bank.
FORBES: UBS Brokerage Biz Gives Swiss Something To Smile About In Q1
Analysts were divided about how Mitchell's death would affect the bank's strategy of building further on its profitable investment banking business and raising the profile of its retail arm.
Weill stepped down as CEO in the wake of the Wall Street scandal involving the way research analysts like Jack Grubman were intrinsically involved in obtaining new investment banking business.
More importantly, RBS will likely have to substantially scale back its investment banking business, and has already been asked to cut back on activities that require large amounts of capital.
The result, the report said, was a "strong drive to win", particularly as the bank became increasingly dominated by the investment banking business, which possessed a strong culture of winning.
"Clearly, HSBC is in investment phase in its corporate and investment banking business, " says Simon Price, a London-based analyst at JPMorgan Chase (nyse: JPM - news - people ).
That conflict--advising individual investors on share purchases while trying to win investment banking business from corporate clients--led to unseemly initial public offering allocations, overly rosy research and perhaps, in the case of Enron, collusion.
This is reminiscent of the stock analyst scandal of the year-2000 tech bubble where Merrill Lynch, Citigroup and others gave high ratings to companies that did investment banking business with their firms.
FORBES: The Chickens Come Home to Roost for Standard & Poor's
Having a commercial bank would boost Morgan Stanley's efforts to use its balance sheet to attract more investment banking business, bring it a cheap source of deposit gathering and also bring it a fund-processing business.
The e-mail was sent in December 2000, after regulators had launched an inquiry into allegations that some banks, including CSFB, regularly gave clients shares in newly-floated tech stocks in return for continued investment banking business.
The New York attorney has charged former Salomon star telecoms analyst Jack Grubman with being at the centre of a scheme that bribed executives with shares of hot new stocks in exchange for lucrative investment banking business.
Bank of America, like Citigroup, announced substantial losses in the third quarter from exposure to trading and mortgage securities, and at the time of its earnings announcement last week said it would rethink its investment banking business.
Panmure Gordon analyst Sandy Chen also points out that, as prudent as HSBC has been with its investment banking business, it has made some opportunistic acquisitions of distressed assets in the past, most notably in the case of Household International in the United States.
SocGen has retail banking and an investment-banking business dominated by high-tech wizardry.
In December, another former executive petitioned the board to divest all but Morgan's core investment-banking business.
Mediobanca uses the three banks to distribute securities and to bring in other investment-banking business.
Moreover, say investment bankers, most wholesale and investment-banking business is done among professionals able to look after themselves.
ECONOMIST: The limits to removing banks' conflicts of interest
Fashion has swung towards banks with big balance sheets that can offer loans as a lure for investment-banking business.
ECONOMIST: Germany's biggest bank regroups to storm New York
After the crash of 1929, when banks were accused of manipulating shares, commercial banks were barred from doing investment-banking business.
Unlike the investment-banking business, in which banks compete internationally for custom, the retail financial-services industry is not yet a global one.
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