Since 2002, when research was formally separated from investment banking, the quality of research on Wall Street has deteriorated, and many top analysts have left the business.

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– Banks are no longer allowed to pay their analysts from any revenue derived from investment banking, only from trading operations.

– An investment banker can’t call a research analyst at the same firm without a lawyer chaperoning the conversation.

New York Times

Good parallel is drawn, in the article, with journalism.

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