Don’t get carried away

Corporate financiers are bracing themselves for the biggest boom since the heady days of the late 1990s. But how much will shareholders in investment banks benefit? The next upturn will certainly be more broadly based than the last. Five years ago, the spoils went to the equities desks and the M&A departments, and in particular anyone working in the «new economy» sectors. These were the main beneficiaries of the soaring stock market, the technology floats, and mega-mergers such Vodafone’s acqui...