DCM could shrug off Liikanen threat

© 2025 GlobalCapital, Derivia Intelligence Limited, company number 15235970, 4 Bouverie Street, London, EC4Y 8AX. Part of the Delinian group. All rights reserved.

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement | Event Participant Terms & Conditions

DCM could shrug off Liikanen threat

A study of capital markets banks by PricewaterhouseCoopers shows debt origination businesses suffering the least from EU proposals to separate retail and investment banking. The study, commissioned by the Association for Financial Markets in Europe, estimates a cost impact of around €1bn on DCM and loans. This is larger in absolute terms than the €600m it estimates for M&A and ECM — but leaves DCM with a 65% pretax return, against 27% for M&A and ECM.

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Request a Free Trial or Login
Gift this article