Editor's letter

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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

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