In each place, the firm was later awarded underwriting business.

The fear is that with the commercial banks allowed to compete for underwriting business, margins there will shrink as well.

The growth in its underwriting business helped raise Morgan's revenues from corporate finance by 23 percent, to $119 million.

That is expected to help it win new underwriting business, a traditional strength.

American investors said they were deceived into investing in the risky underwriting business.

A capital markets group was established to develop the firm's underwriting business.

The firm was a perennial leader in the underwriting business through most of the 1980's.

Early Experience Building an underwriting business is an especially ambitious task.

Retail investors can help big banks win new underwriting business because they are attractive to newly public companies.

"Everybody looks at it as an entry for banks into the underwriting business."