Guy Moszkowski
Guy Moszkowski
again equity
We've anticipated some of that. There is going to be some uncertainty again surrounding when the equity underwriting calendar's going to look better and all the other businesses.
basically cross markets number stocks takes
It basically allows them to internally cross more of their Nasdaq volume. It takes the number of stocks that they can make markets in on the Nasdaq up over 6,000 from 300 or so stocks they do now.
mergers produced strong
Mergers and acquisitions have been very strong and produced a lot of ancillary financing.
built clearly commercial effective impressive investment
They really have built a very impressive investment-banking capability. They won't always be No.1, but they clearly have been effective in merging their investment and commercial banks.
course enjoy environment few historical interest last next quite rate recovery relative stage weeks worries
Merrill, relative to its historical valuations at this stage of the cycle, is quite cheap. And (the company) will of course enjoy some recovery probably over the next few weeks as it has in the last week, as worries about the interest rate environment subside.
appears bank culprit due excessive frequent investment miss portion trading versus volatility weakness
The miss appears to be weakness in the trading portion of the Investment Bank unit, a frequent culprit due to its excessive volatility versus peers.
eliminate good improving moves percent program recent rein start training
The recent moves to eliminate the worst-performing 10 percent of brokers and rein in the training program are a good start to improving margins. But these are just the first steps.
equity fixed grade high income investment levels mixed performing remains strong strongly trends yield
Trends look very strong for fixed income, with investment grade issuance up strongly and high yield issuance levels performing well. Equity underwriting has been more mixed in the first quarter, but remains very strong, especially in the U.S., and backlogs have been building.
morgan strength surprise taken
Warburg has been taken by surprise by the strength of Morgan Stanley, Merrill and Goldman in M&A underwriting in Europe.