Abstract
Keeping investment banks alive in difficult times is challenging. Many have failed to survive. Bear Stearns and Lehman are only the latest in a long line of investment banks which have failed over the past decades. Royal Bank of Scotland and Citigroup are examples of those which survive, but in a much weakened state and only through temporary state ownership. Indeed the failure rate of investment banks over decades has made some rating agencies view them as not being eligible for ‘investment grade status’ in their company ratings. JP Morgan Chase is one which came through the financial crisis strengthened relative to its competitors. Even harder is the creation of a new ‘bulge bracket’ investment bank able to challenge the other major houses. I will now off er a contrast between a successful challenger and an unsuccessful one, before looking at some of the walking wounded from the war of att rition of 2007–12.
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