|
|
Article: The long arm of New York. (investment banks)
- Article from:
- The Economist (US)
- Article date:
- March 12, 1988
CopyrightCOPYRIGHT 1988 Economist Newspaper Ltd. 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)
|
DESPITE the Japanese onslaught, American investment banks still dominate most of London's international capital markets. The London arms of these heavyweights are now fighting another battle-against their own managements in New York. For several years the growing integration of international and domestic markets has spurred head offices to strengthen reporting lines between London and New York. The trend continues remorselessly, not because London offshoots are losing money-some are performing well-but because they have grown so large and are taking ever bigger risks.
Interference from New York has upset the barons running London outposts. Mr Archibald Cox of ...