Investment Banking in 2008 (B): A Brave New World

Kellogg School of Management Cases

ISSN: 2474-6568

Publication date: 20 January 2017


This case covers the period from the sale of Bear Stearns to JP Morgan to the conversion into bank holding companies by Goldman Sachs and Morgan Stanley, including the Lehman Brothers bankruptcy and the sale of Merrill Lynch to Bank of America. The case explains the new global paradigm for the investment banking industry, including increased regulation, fewer competitors, lower leverage, reduced proprietary trading, and-potentially-reduced profits.



Stowell, D. and Meagher, E. (2017), "Investment Banking in 2008 (B): A Brave New World", Kellogg School of Management Cases.

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Copyright © 2008, The Kellogg School of Management at Northwestern University

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