rerating the risk, page-3

this is not a surprise.

good deals will be done with less leverage eg 60% equity 40% debt rather than 90%debt/10% equity. Investment banking is not dead as some people may think(bnb has just announced some more acq).

while the US invt banks are battling with their large debts, this will present an opportunity for MBL to pounce on the cheaper assets and also face less competition. Its satellite funds are bathing in billions of cash eg MAP,MIG. MBL has raised 750m in capital lately.