[대신증권도 초대형IB]③ 아직은 갈 길 먼 기업금융 '현주소'

Daeshin Securities demonstrates that regulatory capital adequacy does not guarantee market competitiveness in investment banking. Despite meeting mega-IB requirements, the firm's IB revenue collapsed 75.8% amid rising costs from expanded underwriting activities, revealing that late-market entrants cannot compete without the deal-sourcing capabilities and client relationships that incumbents have accumulated over years.