In a revolutionary development, it turns out that each would like the biggest piece of the stock-trading pie possible.
Investment banks are slugging it out over stock trading….
Lately, executives say, the fight has grown more intense. In the past year, Morgan Stanley has pulled neck and neck with Goldman Sachs Group Inc. in equities revenue.
Banks are prioritizing top clients, investing in electronic-trading platforms and paying employees more, executives say. Some firms, including UBS AG, have been active in hiring traders from peers.
"Especially because of the decline in fixed-income [trading], equities is becoming more and more important," said Christian Bolu, an analyst at Credit Suisse.