The U.S. origination business may be slowing while it is growing in other markets.
More Quotes from Guy Moszkowski:
Results were extremely strong in almost every category, with particular strength in fixed income and equity trading, each producing well over 400 million more than we had forecast in revenue, for a total trading 'surprise' of 1BB in revenue.Guy Moszkowski
To think they're immune would be very imprudent, and I'm sure they'd be the first to agree with me on that. But from everything I can infer, the second quarter is starting out just as strong as the first, and they manage their risk very well. Earnings growth could contract quite a bit if things get bad, but they're well protected from severe loss in most any market environment.
Guy Moszkowski
Unlike in the past, it can't acquire its way out of the growth slowdown.
Guy Moszkowski
Merrill, relative to its historical valuations at this stage of the cycle, is quite cheap. And (the company) will of course enjoy some recovery probably over the next few weeks as it has in the last week, as worries about the interest rate environment subside.
Guy Moszkowski
They really have built a very impressive investment-banking capability. They won't always be No.1, but they clearly have been effective in merging their investment and commercial banks.
Guy Moszkowski
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There is no force so powerful as an idea whose time has come.
Everett Dirksen
So I think we have an obligation with our size to make sure that we are open to what people have to say to us because the people who criticize us, they're not all mean-spirited.
Lee Scott