Are the big investment banks going to adopt a platform that could kill their sales teams?
Are the big investment banks going to adopt a platform which could kill their sales teams? JPMorgan, Bank of America and Citi are developing a new platform to overhaul the disjointed bond issuance process, the Financial Times reports. The three, who made nearly USD 5 bn from arranging bond sales for clients in 2017, are considering an online-based application that can be installed on investors’ computers or one that is integrated through an application into existing asset manager order management systems. As we noted back in January, the move, which is meant to solidify their hold on bond issuances and cut costs, could spell the end of sales teams in corporate bond issuances.