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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.
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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.
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".
Neither Donald Trump nor the pro-Brexit forces won overwhelming mandates, however.
But the N.Y.S.E. has won sizable mandates in recent years as it has heavily courted tech companies around the world.
It is a further measure of Labour's eclipse that this new party, which won 15 mandates, has pushed Labour into fourth place.
Unlike Putin, he won a mandate through fair elections.
By running such a negative presidential campaign, Obama has won no mandate for a Grand Bargain.
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CEO of Professional Science Editing for Scientists @ prosciediting.com