After an extended holiday in Germany we're now back with a classis quote -
“Many of our analysts and team leaders do not deserve to be paid this year…..[their research] has become predominantly worthless."
Graham Copley - HSBCs Global Head of Equity Research
Maybe Graham Copley hasn’t actually worked out that investment banks these days are a combination of sophisticated marketing machines and massive Hedge Funds
So who cares if the firm’s recommendations go down as long as a) the inventory is sold and b) commissions and bid-offer profits are racked up
And the clients getting a raw deal and losing money? Well that’s what you get for listening to analyst recommendations......
Our bet is that Copley knows full well the type of organisation he's working for and his comments are yet more subtle marketing messages to sooth the sorry clients
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