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Special focus ERM

A few years ago, any bank that chose to locate its investment bankers and research analysts on separate floors – and provided them with different routes into and out of the building so that there was no reason for their paths to cross – would have looked completely out of touch. Throughout the late 1990s, the ever-closer integration of business units was all the rage. But times have changed.

After the savaging that a group of 10 banks received from New York state attorney general Eliot Spitzer in

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