Has Lehman lost its mojo?

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Breakingviews.com sparks a "what can Lehman do to recapture the magic?" brainstorming session. The rationale is Lehman's recent relative shortfalls - only 20% net revenue growth last year and not increasing its market cap by $30bn (or 50%) in the last couple of years like Morgan Stanley and Goldman (Lehman measures up a lot better over the last five years, (here) with Morgan Stanley and (here) with Goldman Sachs).
Breakingviews' solution - it's deal time. No, not a DLJ-esque mega-merger, most likely with Bank of America or Wachovia to try and get a deeper insta-foothold in IB, but a Cazenove style venture with HSBC. This deal would compliment Lehman's focus on emerging and Asian markets and provide the IB infrastructure to support existing HSBC relationships.
Band of Brothers [breakingviews via DealBook]

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