Imagine throwing a party for your best customers and none of them show up. What would you think about your future?
Well, about a week ago at a Miami Beach asset-backed securities conference, Wall Street professionals invited their best institutional bond customers to a cool South Beach party and almost no one showed up.
Wall Street is loosing its relevance and becoming a dinosaur. Its business simply cannot exist without customers. Unless it fundamentally reforms, and quickly, an entire generation of bankers and finance professionals will find that they are no longer relevant. [read full story]