Global IB scenario

www.morganmarkets.comGlobal Equity Research13 March 2012Global Investment BanksIB landscape changes across the globe the path to an acceptable ROE for Tier I and II playersSee page 229 for analyst certification and important disclosures, including non-US analyst disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.Global BanksKian Abouhossein AC(44-20) [email protected]. Morgan Securities Ltd.Amit Ranjan(44-20) [email protected]. Morgan Securities Ltd.Alex Kantarovich, CFAAC(7-495) [email protected]. Morgan Bank International LLCDelphine LeeAC(33-1) 40 15 49 [email protected]. Morgan Securities Ltd.Eugenio M CicconettiAC(44-20) [email protected]. Morgan Securities Ltd.Joseph LeungAC(852) [email protected]. Morgan Securities (Asia Pacific) LimitedMervin NaidooAC(27-11) [email protected]. Morgan Equities Ltd.Naresh BilandaniAC(971) [email protected] Chase Bank, N.A., Dubai BranchNatsumu Tsujino, CFAAC(81-3) [email protected] Securities Japan Co., Ltd.Raul SinhaAC(44-20) [email protected]. Morgan Securities Ltd.Saul MartinezAC(1-212) [email protected]. Morgan Securities LLCScott ManningAC(61-2) [email protected]. Morgan Securities Australia LimitedSeshadri K Sen, CFAAC(91-22) [email protected]. Morgan India Private LimitedSofie PeterzensAC(44-20) [email protected]. Morgan Securities Ltd.Vivek JunejaAC(1-212) [email protected]. Morgan Securities LLCThis document is being provided for the exclusive use of Rathiesh Chandran at PREMJI INVEST.{[{\krso}r*Mrkxn|kx*|krso}rJz|owtssx!o}8myw*