| Thomas Davis | ||||||
Severe downturns have a nasty tendency to lay bare investment banks' shortcomings, and the tough environment of the past year has been no exception. It would be difficult to point to a firm that has not lead-managed its share of bad deals, has not seen its results falter or that has not had its share of personnel problems.
But one firm has suffered less - even though its second quarter financial results were certainly weak - and has also impressed with its innovation and smart strategy. That firm is Merrill Lynch, which is this year's winner of the award as the world's best investment bank.
While some of its competitors have suffered from a sharp drop in business, or others improved simply because their main strength is the funding choice of the moment, Merrill's broad franchise across products and across regions makes for a well-balanced mix.