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Big-Bank Dealmakers Will Keep Moving to Boutiques, Taubman Says [BNN Bloomberg (Canada)]

Morgan Stanley (MS) 
Last morgan stanley earnings: 4/16 07:15 am Check Earnings Report
US:NYSE Investor Relations: morganstanley.com/about-us-ir
Company Research Source: BNN Bloomberg
More sophisticated clients are increasingly looking first to smaller firms for specialized advice, rather than larger Wall Street banks, Taubman said Tuesday at the Bloomberg Invest summit in New York. That has been particularly true since 2008, when larger players took a reputational hit, he said. “That door was kicked wide open as a result of the financial crisis, and I don't think there's anything that can close that door,” he said. “The brand value of the big firms was de-emphasized.” Taubman, 63, founded PJT in 2014 after three decades at Morgan Stanley and has almost tripled the firm's personnel since 2015 to more than 1,000. Last month, PJT surpassed Wall Street expectations for first-quarter profit, fueled by strong activity in its restructuring arm. “We're at an inflection point where big firms and small firms will co-exist,” Taubman said. “There's always going to be different horses for courses, but what has changed is that, increasingly, sophisticated clients are loo Show less Read more
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