In general, this should be a mixed quarter. Clearly, M&A is strong but the IPO market has slowed down, the equity market is weakening and the fixed income market is limping along. |
It is quite possible that Wal-Mart could, at some point, follow a similar course by simply opening a thousand bank branches in its stores and then challenging Congress to close them down. We think Wal-Mart will do this and that Congress will back down. |
It is significant because it expands J.P. Morgan's distribution capability without forcing the company to buy anything. It also allows Fidelity into the new issue game without becoming an underwriter. |
It is significant because it expands J.P. Morgan's distribution capability without forcing the company to buy anything. It also allows Fidelity into the new-issue game without becoming an underwriter. |
It would have been difficult for Goldman not to do well. Goldman is more oriented to equities than debt, and stocks rose throughout the period. |
It's a grand-slam home run. They wind up getting rid of the high-cost, labor-intensive delivery systems and get in return a business which has a faster secular growth rate with a higher rate of return. |
It's a significant amount of stock coming to market. But it's a pretty liquid stock and they've been buying back shares over time. We don't think the impact will be that significant over the long run. |
It's increasingly difficult to be a regional broker. There's a lack of trade to worry about, yes, but you're also dealing with pricing weakness, competition from the big New York City companies and the universal banks that offer everything from checking accounts to financial advisory services. |
It's not an international bank. It doesn't have an international reputation. It's not a core business. |
It's obviously a positive, because everyone I spoke to said there was no way in heaven or hell J.P. Morgan would win this case. |
It's obviously a very rich price. |
It's the luck of the draw. Goldman has the assets and the people and the technology and the products out there, and at certain times it all comes together. |
Midwestern banks are accustomed to shifts in the local economies. They plan for it. However, they do not avoid it. They get hurt. Their loan losses rise. Their earnings tumble and their stock prices are impacted. It will happen again. |
Mr. Oken may have lost some credibility with analysts when the bank's net interest margin dropped dramatically, |
Ninety percent of a retail bank's primary business is lending money on residential real estate, and that cycle is over. |