Trading expertise is something that you can purchase on the marketplace. |
We are probably at the point where the trading cycle is slowing, at least in North America, and it's tough to say investment banking will get better. But the retail and asset management businesses look really good. That's what's exciting to investors. |
What it really says is the future of institutional equities will be more like fixed income - a business of proprietary trading and customer execution with customers evolving away form being a client and acting more like a counterparty, ... This idea of a fixed income model for equity - taking risk - seems to be working, he said. |
When you are investing in J. P. Morgan, |
When you are investing in J.P. Morgan, what you are really betting on is Jamie and Jamie's team, ... You are betting that Jamie's team of expense control czars are going to be able to fully integrate this business. |
While we expect the operating environment to remain positive for the securities firms throughout 2006, we feel that much of this 'good news' is already priced into the brokerage stocks. |