Michael Ancell

I was surprised at the fact that AXA Financial had spent so much time and money trying to build DLJ, read more

I was surprised at the fact that AXA Financial had spent so much time and money trying to build DLJ, especially build its presence in Europe the last couple of years and now it's pulling the ripcord.

It's mainly concerns about economic weakness all over the globe and what it will do to the U.S.. The common read more

It's mainly concerns about economic weakness all over the globe and what it will do to the U.S.. The common refrain has been that the Asian crisis shouldn't have a big impact on the U.S. economy. Now with Russia's problems, people are reassessing that belief.

We've been telling our clients that their portfolios should be over-weighted in investment services and credit cards. Those are the read more

We've been telling our clients that their portfolios should be over-weighted in investment services and credit cards. Those are the two segments of the financial services industry that we think have the best fundamentals. And we stick by that advice right now.

Long-term rates are below the federal fund rate. That tells you the Fed's too tight. The reason the 30-year Treasury read more

Long-term rates are below the federal fund rate. That tells you the Fed's too tight. The reason the 30-year Treasury is so low is because people are expecting an economic slowdown, and that's not going to be good for earnings.

One thing this [deal] does underscore is that the investment banking business has become a global business in a hurry read more

One thing this [deal] does underscore is that the investment banking business has become a global business in a hurry and if you don't have a strong presence on both sides of the Atlantic you might as well not show up.