Echoing their colleagues in investment banking, private bankers in Emerging Europe see the middle segment of their market being squeezed, with only the biggest and the boutiques surviving. That has some casting around for new strategies in the region.
Investor confidence has weakened further, led by a sharp decline in expectations of corporate profit growth, according to the BofA Merrill Lynch Survey of Fund Managers for July.
Vikram Pandit is the quiet man of Wall Street. Or at least he'd like to be. But as chief executive of Citigroup, once the world's biggest bank which fell from grace further and faster than any other major lender in 2008, he can't expect to