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Nor did it have to win mandates from, say, pension-fund trustees who felt that Nasdaq was the only show in town.
In the past three years, banks have been aggressive competitors to win mandates to manage firms' cash and to advise them on corporate finance.
Alistair Dick's team, based near the Bank of England, competes with firms such as Lazard, Close Brothers or Houlihan to win mandates from companies in trouble.
Mr Gupta set up a review to come up with new concepts in five areas, but they were poorly regarded in the firm, even if something called the "growth staircase" did lead to client work.A managing partner from a "Big Five" accounting firm says that his people now win mandates over McKinsey, "which would have been unheard of five years ago".
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For a time, the strategy seemed to be paying off as it won mandates to help local companies raise funds on international capital markets.
It is winning mandates on ever-more prominent deals, including a rumoured lead role raising equity for Manchester United, a football team with wonderful assets (its fans around the world) and big liabilities (debt, and Ashley Young).
His original folly was compounded by his refusal to stand firm against his internal enemies on the detailed plans for the plebiscite, despite the authority of last year's newly won mandate.
He did not win his mandate as prime minister at the polls.
Mary Pimm London The Conservatives did not win a mandate at the general election.
"When we win, our mandate will be limited and our power controlled," he said.
Mr Tsipras might need a referendum or another election to win a mandate to backtrack even if he wanted to.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com