Despite such peer pressure, some of the most prestigious firms nationally are still balking at the idea of opening an Atlanta outpost. So far, their lack of a local man from the Street hasn't stopped them from garnering some lucrative Southeastern deals. Credit Suisse First Boston, for example, hasn't opened an office here because none of its bankers want to live here, says Jake Peters, who heads up its East Coast corporate-finance efforts. He had worked for Morgan Stanley for 10 years and is an Atlanta native. Morgan Stanley has no immediate plans to fill his wingtips.
History also seems to be working against the survival of so many investment-banking outposts.
This time around, the bulls say, things are different. Last time around, the region's homegrown investment banks were able to keep the upper hand. But in dozens of IPOs in the past few years, they have lost the title of lead underwriter to New York and San Francisco firms, because the outsiders were perceived as better-equipped to handle technology offerings. And that occurred mostly before the national firms had any local hand-holders. National brands mean a lot in this market.