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Scarcely two years ago, investment bankers really were masters of the universe. Wall Street had convinced Main Street that a new economy was
taking shape, and bankers were playing a crucial role in structuring the emerging high-tech world. Returns on equity at top firms were running above 30 per cent, and a war for
investment banking talent raged. Pay packages running into eight figures became common for senior bankers. Fresh recruits were offered concierge services. Now, investment banking is gripped by an identity crisis.
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