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>>Ibanking will just become one division of the universal banks
Companies will still need financing, M&A help, and so on. I think the days of insane payouts may be over, though, as the big corps take over.
I recall reading Jack Welch's commentary about GE's unfortunate foray into the area with Kidder Peabody. The conversation went something like this:
KP manager: "We need to give this guy a $12 million bonus."
Welch: "Why would we do that? The firm lost money, and he had a lousy year."
KP manager: "Well, he might go somewhere else if we don't."
GE bailed out soon after that, in good part because even though Welch thought it was nuts, that was how the industry worked. Might be different today.
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