So who is smarter, Goldman or Nomura?

As Goldman Sachs exits stand-alone investment banking, Nomura doubles down on the model by buying the Lehman Brothers franchise in Asia and Europe. Who is taking the right approach?

Some observers argue that the high-leveraged investment banking era is over, and that Goldman Sachs has made a graceful exit from stand-alone investment banking to a bank holding company BHC model at just the right time. If they are right about Goldman, it would seem difficult to be bullish on NomuraƆs expansion of that same investment banking model in Asia and Europe.

The weakness of the investment banking model embodied by Goldman Sachs and Morgan Stanley is nicely summarised in...

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