In the capital markets, there is clearly safety in numbers. Investment banks are appointing co-heads in their droves. HSBC, Lehman Brothers, Deutsche Bank Dresdner Kleinwort Wasserstein and Merrill Lynch have all recently instituted co-heads at either global, regional or product level. Michael Uva, sole head of investment banking for Europe, who has been a co-head in the past, says he understands the incentive for creating such dual structures and believes it is one reflection of the organisational issues that investment banks have been struggling with since the bursting of the equity bubble.
Banks reinvent themselves
