A simple distinction from “The Economics of Contempt”
In general, when I talk about “Wall Street,” I’m referring to the major dealer banks (both domestic and foreign) and the two big custodian banks. Specifically, I’m referring to the following institutions:
1. Goldman Sachs
2. Morgan Stanley
3. JPMorgan
4. Deutsche Bank
5. Barclays
6. BofA-Merrill Lynch
7. UBS
8. Citigroup
9. Credit Suisse
10. SocGen
11. BNP Paribas
12. RBS
13. Wells Fargo/Wachovia Securities
14. Nomura
15. HSBC
16. BNY-Mellon
17. State Street
[…]When you hear people in the industry say things like, “the Street is short 2YR swaps,” they’re generally talking about these institutions. They’re not talking about hedge funds, or PIMCO, or boutique firms that have offices in lower Manhattan. It’s really just a relatively small group of major dealer banks.