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。

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For instance, retail Banks often help small companies hedge their currency exposures, a service also provided by their investment-banking arms.

例如，零售银行经常帮助小型企业对冲他们的货币敞口，他们的投资银行部门也提供这样的服务。

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Even then, investment banks paid more than teaching or public service — but not that much more, and anyway, everyone knew that banking was, well, boring.

即便在当时，投行的收入也要高于教师或公务员，只是不如现在差距这么大；况且大家都知道相比来说银行工作是相当枯燥乏味的。

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Does the deal mark the end to the full-service independent investment banking model?

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At the time, it had a significant brokerage operation but did not have the research or investment-banking conflicts of interest that saddled full-service firms.

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