And if it is true in service industries such as investment banking or legal advice, the lower costs are clearly not passed on to customers.

如果它同样适用于例如投资银行或法律咨询等服务行业，那么客户显然没有因为降低的成本而得到任何优惠。

youdao

Investment banking was no longer just about broking (conducting transactions in return for commissions) or giving advice; it was about using the Banks' balance-sheets to help clients or manage risks.

投资银行不仅仅做经纪业务，(靠管理交易拿佣金)或者提出建议；还可以利用银行的资产负债表帮助客户或者做风险管理。

youdao

The investment bank will focus on the things that its mid-market German clients want, such as foreign-exchange products, debt-raising or mergers and acquisitions advice.

其投行将专注于它中级市场的德国客户所需：比如外汇产品，举债、合并及收购咨询业务。

youdao

Before you become the owner of an enormous toxic investment portfolio, you might want some investment advice.

NPR: Listeners' Money Questions Answered

The information in this article should not be interpreted or used as investment advice.

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