Not once, not twice, but three times at Sibos, I have spoken to people who say Transaction Banking is The New Sexy.
Admittedly, they did work in transaction banking, but I can see their point. Banks, especially the large masters of the universe over at investment banking, have not been living in the land of happy over the past two years.
However, over at transaction banking the cash still flows. With all the increases in volumes - due to the need to sell, unravel, buy, and reorganise - have kept the cash coming in transaction banking. An oasis in the desert that has engulfed most international
investment banks (well, the ones still standing.)
Even Citi, one of the more beleaguered (still running) global banks, allowed its GTS business to launch new products this year and *gasp* actually pile some investment in build-the-bank technology.
Break out the bad 70s disco and put on your pulling outfits - the guys and gals in transaction banking are getting down. Boom chucka boom...