The financial industry's much-vaunted belief in trust and long-term relationships is being challenged by research showing that before the crisis US mortgage brokers fed loans of deteriorating quality to the banks they did most business with.
By questioning the prevailing wisdom that dealing with well-known counterparties is more fruitful and less risky than venturing into new relationships, the academic study puts in doubt one of the banking sector's most enduring beliefs.
Whether in takeovers, capital markets deals or simple consumer loans, bankers often claim their guiding principle is “know your customer”, arguing that long-standing ties create a symbiotic relationship.
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