Merchant banking remains an exceptional business for the handful of Wall Street firms that have remained in it. Unfortunately, the disclosure of merchant banking portfolio positions is weak, and forecasting these gains is at best challenging.
More Quotes from Brad Hintz:
Investment banking really did knock the cover off the ball. We're moving from a pretty weak performance into a better-performing business.Brad Hintz
The story here is driven by poor trading results. Hanging on the horizon are these storm clouds that emerge from the trading business. Every quarter you are holding your breath.
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This is a business of reputation, and when chief executives are making MA decisions that could affect their own career paths, they don't want to take a chance.
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I would say they're the weakest trading house on Wall Street.
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Physical pricing knowledge in crude and refined products represents the keys to the castle.
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