Everybody Loves Investment Bankers, Part II

THE INSIDE TRACK

At last week’s launch of Thomson Financial’s Thomson One Banker product, Andrew Appel, a director at McKinsey & Co. and an expert on IT spending, told over 100 attendees that there is a secular downtrend in investment banking fees that will take the industry back to 1997 levels.

Why? The deal flow is down, which has forced investment banks to become more sophisticated about IT spend, in part because their customers also have become more sophisticated. IT departments don’t have the same kind o

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