Introduction: the burning platform
Strong headwinds continue to buffet the global IB industry, limiting its ability to achieve cost-income ratio and return on equity targets. New client behaviours, regulation and competition are all taking their toll. From a decline in IPOs as companies opt to remain private, to the impact of MiFID II on equities research, and increased competition for M&A business from boutiques and emerging technology, the IB business model faces significant disruption.