Yielding to economic pressures that have made product-centric business models costly to maintain? capital-markets firms are contemplating big organizational changes. Many are betting their futures on developing common-technology platforms to collapse silos and wring out costs. Such changes could eventually lead to the merger of equity and fixed-income departments ― a radical move by historical standards. "Economics have driven many brokers to re-examine what is our value proposition, and what is our business model and realign themselves accordingly," says Miranda Mizen, senior analyst at Needham, Mass.-based TowerGroup, a financial-technology research and consulting firm.
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