Slimmer Pickings For Smaller Banks

O'Leary, Christopher
June 2003
Investment Dealers' Digest;6/23/2003, Vol. 69 Issue 25, p9
Trade Publication
The increase in issuance of high-yield corporate debt in the U.S. has benefited as well as disadvantaged some smaller banks in the industry, who want to carve a niche for themselves. Although it has boosted these banks' earnings, it is making hiring employees a more complicated and possibly more costly issue. Placement agents said their clients were counting on a continuing exodus of talent from big banks, as many of these banks already had been dismissing staff throughout 2002. Bankers are essentially gambling that the good times will continue at least for the rest of the year, and that it is better to serve in a fragile but currently rich environment than take a chance on a smaller bank. As of June 16, $55.2 billion in new issues had priced this year, compared with $35.1 billion at this point last year, and nearly as much as that issued for all 2002.


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