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The Opalesque Team: What a difference a year makes. In announcing the results of its 2008 Quality Leader Ratings, Greenwich Associates identifies a trend in corporate and investment banking. “Wall Street is returning to its roots” and shuttering mortgage businesses, structured credit units and proprietary trading desks and returning to traditional functions such as corporate finance and lending, cash management, and mergers & acquisitions.

United States The Greenwich results place JP Morgan at the top of a reduced list of US banks. Notations were made in the report that Lehman Brothers 3rd place ranking and six citations as a quality leader would be carried over to Barclays and Bank of America will have the benefit of Merrill Lynch’s 4 citations. (At this point it remains to be seen if Citi’s 5 quality leader citations will also eventually wind up in the hands of another institution.) In addition to receiving designations in specific areas JP Morgan was also given the only designation in the category of Overall Large Corporate Banking.

Goldman Sachs finished in second place overall with 6 distinctions. Amongst these was recognition across some of the more traditional investment banking categories including mergers & acquisitions. However, with its new designation as a bank holding company it was reported in The Wall Street Journal this week that the Firm may not maintain this same profile in years ahead.

4Q08 is expected to see the ......................

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