One thing this [deal] does underscore is that the investment banking business has become a global business in a hurry and if you don't have a strong presence on both sides of the Atlantic you might as well not show up.

271

Long-term rates are below the federal fund rate. That tells you the Fed's too tight. The reason the 30-year Treasury is so low is because people are expecting an economic slowdown, and that's not going to be good for earnings.

183

I was surprised at the fact that AXA Financial had spent so much time and money trying to build DLJ, especially build its presence in Europe the last couple of years and now it's pulling the ripcord.

158

We've been telling our clients that their portfolios should be over-weighted in investment services and credit cards. Those are the two segments of the financial services industry that we think have the best fundamentals. And we stick by that advice right now.

143