Heard on the Street: They say you have to spend more money to make more money. But in banking, sometimes you don’t really have to do anything at all.
compensation and benefits as a percentage of net revenues in its institutional securities business fell from 32% in 2020 to 31% last year,Meanwhile, investors might not be as focused on investment spending, perhaps thinking it is the good kind of cost. But here is where costs might need a closer look.
The beta dynamic could be more important over time than line items such as whether banks’ travel budgets rise in 2022. Investors need to watch expenses, but they shouldn’t conflate different kinds of inflation.
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