City AM reports this morning that a study published by think-tank New Financial measured the effects on financial institutions in the decade to 2016 – and covering the post financial crisis fallout. It states that more than 30 new agencies to regulate financial markets have sprung up in Europe and the US. Their budgets have grown by a third and headcount is up by 40 per cent. Investment bank revenues have dropped a corresponding third and pre-tax profits have halved. Making hay and doubling in size over the same period are hedge funds, venture capital and private equity.
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