DOIAbstract
The last two decades of the 20th century were extraordinary ones for the investment banking industry. For most of this period, the value of financial services transactions grew at approximately twice the rate of the real economy, creating unprecedented boom times for investment banks. Several firms emerged among the world's most powerful financial service institutions. Yet these years also included one of the most destructive times that investment banks have ever endured. Dozens of firms disappeared-some failing outright, but most by merger into larger competitors, after failing to measure up to the expectations of regulators or of their shareholders. 2001 Morgan Stanley.
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