Global investment banks based in Europe and the U.S., facing
regulatory and cost-cutting pressures at home, are losing market share in
emerging economies to smaller domestic competitors, Bloomberg reports.
Credit Suisse , Morgan Stanley and Citi. are among Western
securities firms seeing the biggest erosion in some developing markets,
according to data compiled by Freeman & Co., a New York-based consulting
company. Their share of investment-banking fees is being diluted by local banks
including Brazil’s Grupo BTG Pactual SA, Russia’s VTB Capital and China’s Citic
Securities Co., the data show.
The share of fees for U.S. and Western European firms in
Latin America, the Middle East, China, India, Russia and Eastern Europe plunged
to 43 percent last year from 69 percent in 2005, according to Freeman. The
shift coincides with a decline in lending by European banks in emerging
markets, making it harder to compete for assignments, the data show...
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