The urge to merge

The story so far

Few of the past 20 years have gone by without at least one major bank merger. The chart below shows the ancestry of five of some of today's biggest derivatives players - Citi, Credit Suisse, Deutsche Bank, JP Morgan and UBS. Many of the names that heralded the start of the derivatives business in the 1980s have now disappeared into these larger groups. Salomon Brothers, which dominated the fixed-income market in the 1980s and pioneered innovations such as mortgage-backed securities, has been

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