Radical surgery for high-grade research

Regulatory demands to reduce conflicts of interest have seen US banks take the knife to their investment-grade research. So is it a case of 'new and improved' or a botch job? Saskia Scholtes reports


Credit research, once the bedrock of most sell-side fixed-income businesses, is undergoing a radical overhaul. While high-yield and leveraged finance analysts are not short of job opportunities in research groups up and down the Street, growing numbers of investment-grade analysts in New York are being put out to pasture or transferred to desk analysis positions where they no longer publish research for investors but provide strategic analysis for the trading desk and its clients.

At Morgan

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