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It has been more than seven months since Bank of America bought FleetBoston, and almost six since JPMorgan Chase and Bank One announced their deal. But still Citigroup hasn?t pounced, confounding those who were sure that the world?s largest bank would feel compelled to join the rush to build a national retail franchise in its home market.

Top 200 banks

Top 200 banks

Barclays’ announcement last month that it had agreed to outsource cash management services for its larger UK corporate clients to Deutsche Bank is remarkable. Maintaining account services, domestic and international payments and collections, liquidity management and electronic banking are bread-and-butter banking activities. The provision of such unglamorous but vital services is an essential part of the cement that binds corporate customers to their relationship banks. So it can’t have been easy for Barclays to admit that its customers would be better off using Deutsche’s products and services than its own.

It has taken three years to rein in costs and regulatory risks at CSFB. Now, at last, CEO John Mack is looking forward and wants to double profits by the end of 2006. Does the Swiss-American investment bank have what it takes?

The European high-yield market ran into volatility last month on fears of US interest rate rises. But it is not life threatening. Fundamentals look good: fewer defaults, more diversity in issuers and buyers, and landmark deals.

Euromoney celebrates its thirty-fifth birthday this month. We look back on the capital markets of 1969 and forward, through the eyes of pioneers of that era and those born in that year, at today's markets and looming challenges.

By George B. Challenor, Head of Investment Strategy, CSPB

Sandra Manzke is something of a legend in the hedge fund industry. The founder of Tremont Capital Management, she was an influential figure from the outset, with the knack of spotting talented managers such as Peter Lynch, founder of the Magellan fund, before they became famous.

Seeking funds for a US acquisition, Royal Bank of Scotland filled the book for a £2.5 billion equity placing in one day. The money raised will part fund the purchase of US bank Charter One Financial.

Global

By Dr. V. Anantha Nageswaran,