Banking on you and me
by Deirdre McMurdy, Sympatico / MSN Finance
Go figure.
Brokerage profits are expected to be off about 31 per cent (or $1.5 billion) for the first nine months of this year, hitting the apparently shocking levels last seen only in 1998 - a paltry $3.37 billion. This dreadful state of affairs has jolted chartered banks - all of which have been greatly enriched by both their brokerage and investment banking arms - into re-focusing on a long-neglected part of their business: you and me.