Equity research firms have seen revenue slashed in 2018, with some experiencing drops of as much as 60%. The catalyst for the decline is sweeping European financial reform that went into effect January 3. Though the rules originated in Europe, they're having a global impact. For global banks, where research isn't a profit center, falling revenue isn't a giant concern — at least not yet. For struggling specialist and domestic firms without diversified revenue streams, the decline poses a more...


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