The U.S. investment banking market has been very difficult for foreign players to penetrate. It is mature, sophisticated and has some dominant large players.Barclays really did it only by buying the core business of Lehman Brothers, while Credit Suisse had to merge with First Boston.
UBS did it for a while, but it was largely a Pyrrhic victory by the time of the credit crisis. Since then, UBS has retrenched to a position in wealth management. Perhaps the only firm that largely organically penetrated the U.S. market was Deutsche Bank (DB) .
