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Margins on the debt side of investment banking have generally held up much better than they have on the equities side mainly because debt markets are vastly more complicated.
Lehman was a strong bond house, and many of the former Lehman people at Nomura are on the fixed income side, whereas the new staff on the equities side of the firm come more from all over Wall Street.
On the equities side, Goldman braces for the day when brokers' spreads all but disappear.
First of all, on the equities side, to me the notion that the favorable comparisons will be a great help seems a little off because last years earnings are not news.
Result: The $3 billion 10-year issue was oversubscribed, one-third of it went out electronically and 20% ended up in the hands of 550 small investors in the U.S. On the equities side, Goldman braces for the day when brokers' spreads all but disappear.
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The fund initially got off to a slow start on the equity side.
I would rather be looking at buying assets now on the equity side.
"The screamers are on the equity side, but they have no economic standing.
On the equity side, there is interest and ability for crowdfunding to provide investment.
It seems like some of the names these folks were in are getting killed on the equity side".
Mr Shibata says if it were the latter, it would boost the debt side of the debt-equity ratio, not the equity side.
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