Tough times for the real masters of the universe
Rules tie the hands of bank strategic investing units as fintech opportunities grow
Investment bankers used to be known as masters of the universe, but while they span from deal to deal, and client to client, other hands were shaping the cosmos. Secretive strategic investing teams sank the banks' money into companies such as AcadiaSoft, Markit, SwapClear and Tradeweb, enabling them to influence the speed and direction of change in the markets where they made a fat slice of their revenues.
No longer. Innovation is now driven by a fast-expanding galaxy of fintech firms, and
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