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Australia provides the second-largest source of fees in the region after Japan, according to Lehman Brothers.
First, there could be a decline in mergers and acquisitions, which have been a rich source of fees to the banks.
For bankers, the ability to create specialised products for their clients, sold over-the-counter (OTC) like a tailored suit, is not only a fabulous source of fees.
Greenhill is betting the division will become a significant source of fees, at a time when merger-related work can be scarce.
For one thing, Long-Term Capital, which traded incessantly and on a massive scale, was a big source of fees and commissions.
Because its holdings were valued so highly, the firm was able to harvest significant amounts of carried interest, the single biggest source of fees for the industry.
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Without this main source of fee income, many chambers have become economically vulnerable and can no longer back new trainees financially to complete pupillages.
"Columbia managers and executives knew that making arrangements with market timers was harming long-term investors, but they facilitated it because it was a lucrative source of fee revenues," the New York attorney general, Eliot Spitzer, said.
After years of profiting from debt-ridden credit cardholders, lenders are turning their attention to a potentially lucrative new source of fee income, the moneyed users of rewards programs who spend big and pay their bills on time.
As most financial institutions recognize, high-asset customers are a critical source of fee income and net interest margin.
During 1990s banks also aimed to foster the use of cards at the point of sale for purchase transactions as a source of fee income, installing POS card payment devices.
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