This is pretty solid timing.
OneWire, the financial career site, just published its interview with Eduardo Mestre, Senior Managing Director and Chairman of Global Advisory at boutique investment bank Evercore Partners.
In the interview, Mestre talks a lot about how Wall Street has changed since the financial crisis, an apt discussion since yesterday, regulators unanimously vote to instate the Volcker Rule — a regulation meant to reduce risk (and end the reward that comes with it) in the banking system.
“The last few years have been tough for a lot of the industry,” Mestre admitted. “I think the financial crisis of 2008 to 2009 was very impactful and brought into question the business model that especially the big firms created for themselves. The industry has been trying to deal with that: trying to figure out what its best path is going forward.”
Evercore isn’t one of those big firms. It was founded in 1996 by Roger Altman, a former Deputy Treasury Secretary in the Clinton Administration. Since then, it’s gained a lot of respect on the Street, especially for doing deals and helping companies grow.
Those are businesses that will always be needed in the American economy, Mestre argues. They’re why Wall Street will never really disappear.
He explained: “At the end of the day, clients still need Wall Street, certainly in terms of raising capital — that’s a classical function — and also in terms of advice…the fundamentals are still there, but I think the industry is certainly in transition..and it may be in that state for a while as we get the complete fallout from what was a very difficult time for the industry.”
What the full interview in a video below. For more interviews with big Wall Street names, head to OneWire.com: