Experience Stern | News & Events

Excerpt from Bloomberg -- "We can look back to the history of Wall Street, and if you look back, you had an industry that was a much larger, relative investment banking business--much smaller trading. So the issue that we have is the trading business, since the Crisis, have not been able to beat their cost of capital. You look at these banks and--how many years out are we since the Crisis--and we only have a couple of them who are operating above 10 percent ROE. The rest of them are all dragging down. And of course, you're seeing that in terms of the valuation."

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