# Professor Roy Smith on the recent decline in investment banking revenues

1 Faculty News June 8, 2015 ![Forbes logo](/sites/default/files/styles/246w/public/assets/images/con_030508.jpg?itok=SId6k3bx)>

Excerpt from [Forbes](http://www.forbes.com/sites/antoinegara/2015/06/08/deutsche-bank-shakeup-means-its-never-been-better-to-be-jpmorgan-and-goldman-sachs/) -- "For JPMorgan and Goldman the drop off has been manageable, but the rest of the field has been forced to pitch securities businesses to investors as a loss leader. At current activity levels both JPMorgan and Goldman 'can operate in a viable business model in which their return on equity is equal or greater than their cost on equity capital. That is not true for anybody else,' says [Roy C. Smith](http://www.stern.nyu.edu/faculty/bio/roy-smith), a professor at New York University’s Stern School of Business and former Goldman Sachs limited partner."

[Read more](http://www.forbes.com/sites/antoinegara/2015/06/08/deutsche-bank-shakeup-means-its-never-been-better-to-be-jpmorgan-and-goldman-sachs/)