Unlike in the past, it can't acquire its way out of the growth slowdown.
More Quotes from Guy Moszkowski:
In terms of investment banking, in terms of capital markets, in terms of investment management, really everything was very positive. Their outlook statement was also quite positive their backlogs are up compared to where they were last year and they expect to be able to continue to pick up market share.Guy Moszkowski
They are getting one of the prime companies in both Nasdaq market marking and securities clearing for a multiple that we estimate at not more than 14 times earnings, so we think this is a very good deal for them.
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
Trends look very strong for fixed income, with investment grade issuance up strongly and high yield issuance levels performing well. Equity underwriting has been more mixed in the first quarter, but remains very strong, especially in the U.S., and backlogs have been building.
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
The miss appears to be weakness in the trading portion of the Investment Bank unit, a frequent culprit due to its excessive volatility versus peers.
Guy Moszkowski
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