NOT LONG AGO, INTERNET evangelists proclaimed online investment banks would revolutionise the clubby world of investment banking.
Stock distribution would be cheaper and initial, public offerings would be made available to both retail, and institutional clients, regardless of size.
Now it appears that online investment banks could be swallowed up by traditional banks, if they survive at all.
"The technology of online investment banks will just become a component of traditional banks," predicts David Rivero, president of Greyson Capital, a boutique venture capital firm.
Goldman Sachs Group recently announced its plans to acquire online investment bank Epoch ...