Two ex-UBS bankers, John Costas and Michael Hutchins, have started a new boutique investment bank in New York, PrinceRidge Group LLC. While we can discount some of their bullishness as marketing, their goal is to offer a wide range of servies in 3-5 years.
Release: As an institutional broker-dealer, PrinceRidge will initially be focused on serving clients across sales, trading and investment banking in the corporate and structured fixed income markets. PrinceRidge’s long-term goal is to grow into a full-service investment bank.
Had it not been for the bailouts, we’d probably be seeing more of this, as other banks would have collapsed and shed talent. But even with all the intervention, the cycle of creative destruction continues.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.