Uncertainty over H2 profitability
Given the more challenging environment than initially expected, especially in Europe, we prefer to adopt a more conservative stance, particularly on profitability, as costs are not set to fall significantly. As such, we now expect a slight narrowing in profitability over FY23e versus stable previou
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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