It is easy to forget how far Barclays has come in capital markets in a short time. When the bank sold BZW’s equities business to Credit Suisse First Boston (CSFB) in late 1997, the general reaction was not so much surprise that Barclays was making a huge bet on bonds, but that it was hanging on to any kind of investment banking business at all. Why not quit and concentrate on its retail business and the proven returns from the Barclays Global Investors index fund business in San Francisco?
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