Exhibit A: "Wholly inappropriate ... a cosmetic arrangement to save on administrative costs"
Exhibit B: "Eradicates unnecessary duplication of effort. It's sad that other banks are so cynical"
What subject could prompt such different - and extreme - reactions from two similarly highly ranked credit research heads in London? The answer is a trend that is dividing investment banks across the globe: the merger of debt and equity research. The contrast of views on this model of structuring