正好相反. 在我刚开始工作的时候, 花街的核心价值是投资银行,

underwriting, merger and acquisition, restructuring, trading on behalf of the clients, and other financial advisory services, etc.

even now, there are several prestigious old names on Wall street don't leverage their own balance sheet to speculate.

Things changed rapidly. I banks do everything to generate revenues. Proprietary trading represents a big slice of all revenues now.

By far, for me, asset managers, hedge fund managers, proprietary traders, they are not really wall streeters, even though they are responsible for risk and PNL.