Banks, perceiving that Bank of America/Merrill Lynch, UBS and other market leaders are vulnerable, are wooing their clients for corporate brokerage mandates as well as the banks' employees. "We will see more transition of corporate broking relationships this year than in any year since 2005, and the reasons are quite different. Last time it was led by the investment banks seeking market share. ... This time it is more client driven," said Charles Harman, head of corporate finance at JPMorgan Cazenove.

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