Investment bankers are fond of talking about their clients. Senior executives at large banks rarely miss an opportunity to declare their devotion to serving clients, or to trumpet the strength of their customer base.
These days, however, the feeling is rarely mutual. It is rare for executives to sing the praises of their investment banks. In private, many are quick to complain. This is especially true of corporate executives, many of whom feel unloved because they have been displaced by private equity groups as the largest source of investment banking fees. But similar sentiments can also be heard from large institutional fund managers, and even from hedge funds, which are supposed to be among investment banks’ most lucrative clients.
