Deutsche and JP Morgan bet on fixed-income muscle

Biggest dealers claim complete, global franchises will have an edge as rivals retreat

Daniel Pinto
Daniel Pinto, JP Morgan

Welcome to the new age of fixed income. It's an age in which business models are diverse, dealers are separated into tiers and stay in them, efficiency is everything, products are standardised and technology rules.

Probably. The industry is not there yet – simply overhauling IT infrastructure, and thinning down the cast of thousands currently required to make sense of it, could take as long as a decade, according to one banker's estimate – and not everyone agrees on the final destination anyway.

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