During the second half of 2011 and even into the first half of 2012, equity capital markets (ECM) became virtually inaccessible for European issuers. Many banks began to cut their equity capital markets franchises heavily as revenues fell, and some started to exit altogether. At JPMorgan, there was some natural attrition, but the structure of its ECM franchise in Europe, the Middle East and Africa (EMEA) remained constant.
“Our client base is not shrinking, and, if anything, client needs have become more complicated since the start of the financial crisis. We have a strong balance sheet that we commit wisely, making us the bank that can provide solutions for clients. We are very mindful that we do not want to lose the institutional know-how our people have built up, so we try very hard to maintain it,” says Ina De, co-head of EMEA ECM at JPMorgan.
