By Tracy Alloway
Published March 4, 2013 Financial Times
For centuries, scientists and philosophers attempted to turn cheap base metals into the precious gold and silver used as ancient coinage. Now, bankers are endeavouring to achieve a Wall Street equivalent.
Known as “collateral transformation”, this new business is emerging as a rare bright spot in the banking industry. On Wall Street, where new regulations and competitive pressures have hurt profits, there are hopes it will boost bank earnings.
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