Deutsche and JP Morgan bet on fixed-income muscle

As revenues fall and costs rise, banks are rethinking the fixed-income business. Again. This time, though, the possible outcomes are far more varied. In the first of four articles on the new age of fixed income, Duncan Wood looks at the emerging battle lines.

Daniel Pinto, JP Morgan

Welcome to the new age of fixed income. It's an age in which business models are diverse, dealers are separated into tiers and stay in them, efficiency is everything, products are standardised and technology rules.

Probably. The industry is not there yet – simply overhauling IT infrastructure, and thinning down the cast of thousands currently required to make sense of it, could take as long as a decade, according to one banker's estimate – and not everyone agrees on the final destination anyway