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Article: FOREIGN BANKS STUMBLE ON WALL ST.: LATEST ACQUISITIONS MIRED IN RED INK.(New York-based investment banks)
- Article from:
- Crain's New York Business
- Article date:
- January 25, 1999
- Author:
CopyrightCOPYRIGHT 1999 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Michael S. Rulle's game plan for 1999 is quite simple.
"We're going to make money," says Mr. Rulle, chief executive of CIBC Oppenheimer Corp.
Making money on Wall Street has turned out to be very hard for Canadian Imperial Bank of Commerce and other foreign banks that bought securities firms in New York in the last two years. CIBC, ING Group and Societe Generale all saw their recent acquisitions lose market share and incur significant losses in 1998.
The poor performances once again fan the doubts about whether foreign companies have what it takes to make it on Wall Street.
"It's not surprising," says Michael Ancell, a bank analyst ...