Our global equities franchise has 1,950 equity professionals in 40 countries, serving more than 3,000 institutional and 4.5 million individual investors. This franchise, however, may not be fully understood or appreciated by most people. Many competitors recognize the attractiveness of equities, yet few are strong in them. U.S. commercial banks and insurance companies generally have not developed strong equity capabilities. Leading non-U.S. financial services companies have limited capabilities in the U.S., the largest and most important equity market today.
Equities is a multi-faceted and highly interdependent business.
It requires first-rate research, trading and capital markets capabilities. Strong institutional and retail distribution are essential, especially for leadership in capital markets and access to new securities through underwriting. Clients and counter-parties need to be assured that there is the financial, technological and moral wherewithal to fulfill obligations. This includes the ability, when necessary, to use our balance sheet strength to help clients achieve their financing and strategic objectives. It is not enough to be strong in one area.