But as Merrill Lynch rides a positive wave, Swiss bank UBS faces tougher times ahead in the region, after losing several senior bankers to its US rival.
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"We have a much longer-term view compared with the one we had eight to 10 years ago" Andrea Orcel, Merrill Lynch |
Andrea Orcel, global head of origination at Merrill Lynch, tells Euromoney that the bank is determined to emerge from the crisis engulfing the global financial markets in a strong position. "We have a much longer-term view compared with the one we had eight to 10 years ago. Global origination at Merrill Lynch is also a much more profitable and diversified franchise now than it was back then." He adds: "The combination of these factors allows us to make these investments when the opportunities arise, even in difficult markets, which may arguably be the best time to make them."
A Latin banker at a European firm says: "Merrill is making a big move, maybe it is a bit too late... but [then again] in the long term I think it will pay off. Brazil will be a very important piece of the global investment banking equation in four to five years."